On May 19, 2023, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and the US Department of Commerce’s Bureau of Industry and Security (“BIS”) implemented further economic sanctions and export controls targeting Russia and Belarus. The OFAC press release and BIS press release both underscore the US Government’s close coordination with international partners and allies to align new restrictions on Russia and Belarus. In addition, the Leaders of the G7 released…
Throughout January and February 2023, Baker McKenzie’s Canadian international trade team is publishing a series of articles focusing on developing Canadian trade compliance issues. This article focuses on Canada’s economic sanctions measures. Throughout 2022, there were substantial legislative developments under Canada’s unilateral sanctions regime. New sanctions regulations were implemented or amended in response to the war in Ukraine and in response to conflicts in Haiti, Iran and Myanmar. The framework and application of Canadian sanctions…
On March 7, 2022, the US Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued an alert to financial institutions warning about potential attempts to evade US sanctions and other restrictions imposed on Russia and Belarus (“Alert”). The Alert includes red flags that financial institutions should review to help identify potential attempts to avoid sanctions, with a particular focus on convertible virtual currency (“CVC”), and also reminds companies of their reporting obligations under the Bank Secrecy…
On February 24, 2022, the Bureau of Industry and Security (“BIS”) within the US Commerce Department (“Commerce”) issued a final rule (“Final Rule”) effective immediately that implements a sweeping series of new export control measures under the Export Administration Regulations (“EAR”) against Russia. Commerce’s press release regarding these new controls can be found here. These new US export control measures primarily target Russia’s defense, aerospace, and maritime sectors and are intended to curtail Russia’s ability…