On 5 March 2022, the Singapore Government provided details of the āappropriate sanctions and restrictionsā it had announced it will impose on Russia (see our previous blog). SINGAPOREāS FINANCIAL MEASURES IN RELATION TO RUSSIA The Singapore Government will impose financial measures targeted at designated Russian banks, entities and activities in Russia, and fund-raising activities benefiting the Russian government. Digital payment token service providers will be specifically prohibited from facilitating transactions that could aid the circumvention…
On February 28, 2022, the Singapore Foreign Minister announced in Parliament that Singapore intends to impose “appropriate sanctions and restrictions” on Russia, acting in concert with like-minded countries. Singapore intends to impose export controls on items that can be used directly as weapons in Ukraine to inflict harm, and it will also block certain Russian banks and financial transactions connected to Russia. The specific measures are being worked out and will be announced shortly. Singaporeās…
Chinaās Export Control Law (āECLā) came into effect on 1 December 2020, providing a framework to a series of separate administrative regulations on export controls issued prior to the lawās enactment. While no implementing rules or regulations under the ECL have been enacted since its passage into law, Chinaās Ministry of Commerce (āMOFCOMā) recently released Announcement No. 10 of 2021, on āInternal Compliance Guidelines on the Export of Dual-Use Itemsā (hereafter, the āGuidelinesā) pursuant to…
On 28 December 2019, the National Peopleās Congress (NPC) of the People’s Republic of China (PRC) released a new draft of the Export Control Law (ECL) (“2019 Draft”), an update from the 2017 version circulated by the Ministry of Commerce. Click HERE to refer to our client alert on the 2017 Draft.
The 2019 Draft is now open for public comment until 26 January 2020. If enacted, the ECL will be Chinaās first comprehensive and consolidated export control legislation, aimed at upgrading the country’s existing regime consisting of multiple regulations.