The US Department of the Treasury’s Office of Foreign Assets Controls (“OFAC”) has issued a final rule (“FR”) amending its Reporting, Procedures and Penalties Regulations (the “Regulations”), which will be effective on November 7, 2024. Our previous blog detailing OFAC’s prior interim final rule (“IFR”) for these amendments is available here. The FR will make only one amendment to the Regulations, which will expand the list of exclusions from OFAC’s blocked property reporting requirements. In…
On 18 October 2024, the Dutch government announced supplemental controls for exports of certain emerging technology items from the Netherlands. These controls will enter into force on 1 December 2024 and will be implemented through the Dutch Regulations Supplemental Controls to the Dual-Use Regulation (Regeling aanvullende controlemaatregelen op de Verordening producten voor tweeërlei gebruik, the “Dutch Regulations”). The official text of the Dutch Regulations is available here. Scope of Unilaterally Controlled Items The Dutch Regulations…
Baker McKenzie will be hosting an upcoming International Trade Sanctions Conference in Zurich on 15 October 2024. During this conference, our international trade team will discuss the latest developments in international trade measures, namely economic sanctions, covering key regions that impact international trade. We will examine the latest developments in US export controls and sanctions, delve into the regulatory landscape in China and the Asia Pacific and provide insights into the latest developments in EU,…
On 10 and 11 September 2024, the US, UK and France and Germany took coordinated action in response to Iran’s support for Russia’s war effort and, in particular, the supply of ballistic missiles by Iran to Russia for use in Ukraine. The measures announced include restrictions on Iran’s national airline, Iran Air, travel bans and asset freezes on Iranian individuals and organisations involved in ballistic missile and drone supply chains, and new Russian shipping sector…