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Client Alert: US Government Further Increases Ukraine-Related Sanctions & Export Controls Targeting Russian Energy, Financial, and Defense Sectors

By 2 Mins Read

As the political unrest in Ukraine continues, the US Government recently expanded sanctions and export controls targeting the Russian energy, financial, and defense sectors, as follows: • On September 12, 2014, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) (i) designated five Russian defense companies as Specially Designated Nationals (“SDNs”) and (ii) broadened the scope of US “sectoral” sanctions under Executive Order 13662 to cover the Russian defense sector and additional parties and…

Ukraine – NBU limits foreign currency transactions but eases compulsory sale rules

By 2 Mins Read

With effect from 23 September 2014, the National Bank of Ukraine (NBU) introduced a number of additional contingency measures related to certain foreign trade and investment transactions and, at the same time, relaxed previously introduced rules on the mandatory sale of foreign currency proceeds. The NBU has prohibited the following transactions in foreign currency: • payments in import transactions for goods that are not actually delivered to Ukraine;• payments under import contracts if the goods under…

Argentina – Amendment to the Supply Law

By 2 Mins Read

On September 19, 2014 the Boletin Oficial de la Republica Argentina (Official Gazette) published new Law No. 26,991 Regulating Relations of Production and Consumption (New Law) which amended the Supply Law No. 20.680 signed by President Peron in 1974 (Supply Act). The New Law supposedly aims to “… to ensure the transparent operation of the market for goods and services” in order to “prevent abuse and misappropriation of surplus value chain” and “protect the…

Client Alert: EU adopts new sanctions against Russia

By 1 Min Read

By way of update, the new EU Sanctions package has been published and will enter into force today. The new measures include further restrictions on: (i) dual-use goods and technology to specified entities, (ii) the provision of services in relation to projects regarding deep water oil exploration and production, arctic oil exploration and production, or shale oil projects in Russia, (iii) services related to goods and technology listed in the Common Military List, and…

Client Alert: The United States Further Increases Ukraine-Related Sanctions and Implements the Russian Oil Industry Sanctions Program

By 1 Min Read

As the political unrest in Ukraine escalates, the United States has recently expanded sanctions targeting Russian and Ukrainian parties alleged to be involved in the unrest in Ukraine, as follows: • The US Treasury Department’s Office of Foreign Assets Control (“OFAC”) has announced new sectoral sanctions targeting Russia’s financial services and energy sectors. • OFAC has added parties to its Specially Designated Nationals (“SDN”) and Blocked Persons List. • The US Department of Commerce…

Client Alert: EU “Stage 3” sanctions

By 1 Min Read

The EU has published its so-called “Stage 3” sanctions against Russia in Regulation 833/2014 (see here) (“the Regulation”). Who do the sanctions apply to? As is usual with EU sanctions, the scope is limited to: ● activities in the EU by any persons; and● EU natural persons, and EU incorporated entities (including branches), wherever located. EU sanctions do not apply to non-EU incorporated entities. Click here to read the full client alert.

Indonesia – Customs Registration – towards the full implementation of utilization of electronic media

By and 1 Min Read

On 25 March 2014, the Minister of Finance issued Regulation No. 59/PMK.04/2014 on Customs Registration (Regulation No. 59) which became effective on 1 June 2014. This regulation revokes Minister of Finance Regulation No. 63/PMK.04/2011 on Customs Registration as amended by Minister of Finance Regulation No. 95/PMK.04/2011 (Regulation No. 63). Similar to Regulation No. 63, Regulation No. 59 requires Service Users to conduct customs registration at the Directorate General of Customs and Excise (DGCE) to fulfill…

Client Alert: OFAC Amends and Reissues Syrian Sanctions Regulations

By 1 Min Read

Recent Developments On May 2, 2014, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued a final rule amending and reissuing the Syrian Sanctions Regulations, 31 CFR Part 542 (“Regulations”). Since the Regulations were last issued in April 2005, the President has signed six Executive Orders imposing sanctions targeting Syria and applicable to “U.S. persons.” In particular, Executive Order 13582 (“EO 13582”) significantly expanded U.S. sanctions by blocking the Government of Syria and…

Client Alert: The United States, European Union, and Canada Expand Ukraine-Related Sanctions

By 1 Min Read

As the political unrest in Ukraine continues, the United States, the European Union (“EU”), and Canada have expanded sanctions targeting Russian and Ukrainian parties responsible for the unrest. The U.S. Departments of Commerce and State have also strengthened U.S. export controls targeting Russia and “occupied Crimea” by (i) revoking certain existing export licenses involving “high technology” items or services controlled under the International Traffic in Arms Regulations (“ITAR”) or Export Administration Regulations (“EAR”) and (ii)…

Client Alert: Reducing the Landed Cost of “Environmental Goods”

By 1 Min Read

Companies involved in the manufacture/trade of goods with an environmental benefit need to be aware that the window is closing on a meaningful opportunity to have tariffs reduced or eliminated on a multijurisdictional basis. The United States and 13 other willing WTO Members, including the EU, China and Japan, have agreed to negotiate an environmental goods agreement (“EGA”) that will reduce or eliminate tariffs on such goods, much like the WTO Information Technology Agreement (“ITA”)…