On June 27th, colleagues from Baker McKenzieâs Rome, London, and Washington DC offices will host a webinar focused on the latest US, EU, Italian and UK sanctions and export controls developments in an environment of ongoing geopolitical disruption. As part of our series of insights from senior officials, Baker McKenzieâs team will also be joined by Giovanni Brignone, Embassy Counsellor of the Ministry of Foreign Affairs Armament Materials Authorization Unit, as well as Filippo Mancuso,…
Bipartisan legislation advancing in the U.S. Senate and the U.S. House of Representatives known as the âBIOSECURE Actâ (âthe Actâ) has the potential to significantly restrict the ability of biotechnology companies to collaborate with certain Chinese companies without losing the ability to contract with the U.S. government. Following the same model that was used to target Chinese telecommunications companies in the late 2010s, the Act would prohibit federal âexecutive agenciesâ from contracting with or extending…
Earlier this month, as reported on our blog, the Turkish Ministry of Trade announced a complete export and import ban targeting Israel. This week, the Office of Antiboycott Compliance in the Bureau of Industry and Security at the US Commerce Department published an âAntiboycott Advisory on TĂźrkiyeâ. The core of the Advisory states that US companies operating in TĂźrkiye âare cautioned to be alert to their receipt of any requests to refrain from importing or…
On May 10, 2024, the US Department of the Treasuryâs Office of Foreign Assets Controls (âOFACâ) issued an interim final rule (“IFR”), effective on August 8, 2024, amending the Reporting, Procedures and Penalties Regulations under 31 CFR 510 (the âRegulationsâ). The IFR includes revisions and clarifications to certain procedures and reporting requirements related to certain OFAC submissions, including reports of blocked property and rejected transactions. In particular, the IFR implements the following revisions and clarifications:…