On 28 June 2023, the US Bureau of Industry and Security (“BIS”) announced that the “Five Eyes” countries (Australia, Canada, New Zealand, the United Kingdom and the United States) have agreed to formally coordinate on export control enforcement, with a particular emphasis on the export controls targeting Russia and Belarus, which have been a core tool in the broader sanctions toolbox. Baker McKenzie has deep export controls expertise in four of the Five Eyes countries: …
On 14 June 2023, the UK Office of Financial Sanctions Implementation (“OSFI”) published updated guidance for the Maritime Services Ban and Oil Price Cap (the “Updated Guidance”). The Updated Guidance can be found here and our previous blog posts on UK Maritime Services Ban and Oil Price Cap can be found here and here. The Updated Guidance provides additional clarity and detail on the following: Wind-down periods: OFSI has introduced a 45-day wind-down period for…
Additional duties have been imposed by the UK government on a number of commodities originating in Russia and Belarus. The new duties will take effect on 25 March. Russian and Belarusian items that have already left the country before the new tariffs take effect on 25 March are exempt. Before 25 March, the products must have fulfilled Russian or Belarusian export requirements and exited those countries. The respective additional duties for Russia can be found…
On 23 March 2022, the European Commission adopted a Temporary Crisis Framework for State Aid measures (TCF) to enable EU Member States to support businesses affected by the economic consequences of Russia’s invasion of Ukraine, including energy-intensive businesses. The TCF provides guidance to the Member States on designing national support measures that will be quickly approved by the European Commission under EU State aid rules. First approvals are expected soon. Key takeaways The following three kinds of…