The Department for International Trade and the Export Control Joint Unit published a notice to exporters on 10 January 2022 regarding compound penalties imposed on ten UK exporters for unlicensed exports of dual use and military items and breaches of export licence conditions between March and November 2021. The compound penalties imposed by HM Revenue & Customs (“HMRC”) ranged between £1,000 and £54,000 and related to unlicensed exports of dual use goods, military goods and…
On Thursday 6 January 2022, the European Commission published Delegated Regulation (EU) 2022/1, updating the list of dual-use items contained in Annex I to Regulation (EU) 2021/821 (the “EU Dual Use List”). Regulation (EU) 2021/821, which was published in June last year and came into effect on 9 September last year, introduced key changes to modernise the EU export controls regime for dual use items. Please see our previous post for an overview of changes,…
The National Security and Investment Act (“NSI Act”) came into force this week, completing the overhaul of the UK’s foreign investment rules and creating a standalone foreign investment screening regime. The new rules require businesses and investors to submit mandatory notifications for certain acquisitions of and investments in companies operating in 17 key sectors. The rules also grant the UK Government extensive powers to investigate and impose conditions on a wide range of transactions, including…
On 20 December 2021, taking effect at 6pm CET, Switzerland amended its lists of sanctioned parties (Annexes 7, parties subject to financial sanctions, and 8, parties subject to financial restrictions), namely by adding 17 individuals and 11 entities and organizations to Annex 7. These are the same individuals and entities as listed under EU sanctions on 2 December (see our related blog post here). Among the entities added are Belavia Belarusian Airlines, State Production Association…