Property management companies, real estate agents and other firms in the property services industry are underreporting suspected sanctions violations to the U.K. government, a U.K. sanctions agency said last week. The country’s Office of Financial Sanctions Implementation said it suspects those firms are illegally helping sanctioned Russians buy or sell property, adding that Russians are likely being aided by small-scale property service firms or “sole practitioners with high-risk appetites” and long-standing relationships with sanctioned people.
A British court last week sentenced two Russians, including one former senior trade official, to prison for violating U.K. sanctions against Russia. The case marks the first conviction in the U.K. for a breach of sanctions under its Russia Sanctions Regulations, the Crown Prosecution Service said.
President Donald Trump this week ordered his administration to reduce regulatory restrictions around sales of weapons and other military items to U.S. partners, saying he wants to speed up foreign military sales and make the process more “transparent.”
Exporters and other companies could start seeing an uptick in government subpoenas as the Bureau of Industry and Security looks to increase export penalties, industry officials said this week, adding that businesses should make sure they’re scrutinizing transactions and watching for red flags.
A key European Parliament committee this week voted 31-7, with three abstentions, to expand the bloc’s foreign direct investment screening rules, a move that could add more sectors to the scope of FDI restrictions and allow the European Commission to intervene in member state disagreements.
Even if the Trump administration were to lift U.S. sanctions against Russia, the country would still be “uninvestable” for multinational companies because of the EU’s trade and financial restrictions, which would likely remain in place, said Janis Kluge of the German Institute for International and Security Affairs.
President Donald Trump has ordered the Committee on Foreign Investment in the U.S. to carry out a 45-day review of Japan-based Nippon Steel Corp.’s proposal to purchase U.S. Steel, months after former President Joe Biden blocked the deal (see 2501060040).
A recent rise in tariffs, export controls and other trade actions will lead to rising prices in semiconductor supply chains, said Sree Ramaswamy, former senior adviser to former Commerce Secretary Gina Raimondo.
Japan last week announced new export controls on semiconductor-related items and other sensitive technologies, according to an unofficial translation of a Ministry of Economy, Trade and Industry notice. The items will need export licenses when destined to certain countries “if there is a risk that they will be used for the development of conventional weapons, etc.,” Japan said. Exemptions will apply for certain exports of goods involving “allied nations' forces for joint training” activities.
The White House last week released a summary of the April 1 reports it received from U.S. agencies on President Donald Trump’s America-first trade policy agenda (see 2501210023). The summary includes brief mentions of export controls and investment restrictions.