The US Commerce Department’s Bureau of Industry and Security (“BIS”) has issued amendments to the Export Administration Regulations, 15 C.F.R. Parts 730-774 (“EAR”) that, most significantly, define the scope of “standards-related activities” that are subject to US export controls jurisdiction under the EAR. The purpose of these amendments is to ensure that US export controls and associated compliance concerns do not impede the participation and leadership of US companies in legitimate standards-related activities. BIS also…
On July 23, 2024, the Office of Foreign Assets Control (“OFAC”) in the US Treasury Department announced that it was publishing a notice requiring financial institutions holding Russian sovereign assets to report those assets to OFAC no later than August 2, 2024 or within 10 days of the detection of such assets. This new reporting requirement implements the “Rebuilding Economic Prosperity and Opportunity for Ukrainians Act” or the “REPO for Ukrainians Act”, which US President…
On June 27, 2024, Baker McKenzie hosted an Italian-language webinar on sanctions and geopolitical risks. The webinar, which attracted hundreds of registrants, included sessions on EU, US, and UK sanctions developments and enforcement, led by Baker McKenzie lawyers Roberto Cursano (Rome), Riccardo Ovidi (Rome), Kerry Contini (Washington DC), and Sunny Mann (London). The centerpiece of the webinar was a fireside chat led by Roberto Cursano with Giovanni Brignone, one of the lead officials for sanctions…
The 50th G7 Summit was held this past week from June 13-15 in Puglia, Italy. As one of the only law firms with sanctions experts in every G7 country, we monitored the Summit with our eyes and ears open for clues on the G7’s collective sanctions priorities — and what they mean for our clients who do business across the G7. We share our thoughts below. The authors of this blog post include representatives…