The World Trade Organization released the agenda for the June 5 meeting of the Dispute Settlement Body. The meeting is held to exclusively consider Canada's request for a dispute panel in its case against Chinese import duties on certain agricultural and fishery products from Canada.
The Council of the European Union on May 27 adopted a "general approach" to negotiate with the European Parliament on a measure that would exempt most importers from the new carbon border tax rules (see 2505230008). The proposal also would simplify the carbon border adjustment mechanism rules for importers, the council said, including by simplifying "the authorisation procedure, the data collection processes, the calculation of embedded emissions, the emission verification rules, the calculation of the authorised CBAM declarants’ (parties wishing to import goods subject to the CBAM) financial liability during the year of imports into the EU, and the claim by authorised CBAM declarants for carbon prices paid in third countries." The council next will begin negotiations with Parliament.
The U.K. recently removed or amended entries from its ISIL (Da'esh) and al-Qaida, Zimbabwe, and Russia sanctions regimes.
The World Trade Organization's Dispute Settlement Body on May 23 heard China's first request to establish a dispute panel on Canada's surtax on Chinese products, including electric vehicles and steel and aluminum products, the WTO said. Canada said it's not ready to accept the panel at this time, punting the issue to the next DSB meeting, which is scheduled for June 23.
The EU issued a new set of sanctions this week for people and entities with ties to chemical weapons, human rights abuses and Russian "hybrid threats." The additions were announced concurrently with the bloc's 17th sanctions package on Russia (see 2505200057).
Russia opened a World Trade Organization dispute on May 19 against the EU's carbon border adjustment mechanism, arguing that the mechanism violates various provisions of the General Agreement on Tariffs and Trade 1994. Russia's request for consultations also covered the EU's scheme for greenhouse gas emissions allowances trading within the EU.
The U.K. released two sanctions licenses on May 20 permitting parties to wind down their financial positions involving St. Petersburg Currency Exchange and non-bank credit organization Joint-Stock Company Petersburg Settlement Center and to pay insurance premiums to the State Corporation Deposit Insurance Agency. The St. Petersburg Currency Exchange license permits any party to wind down from transactions involving the exchange or the Joint-Stock Company Petersburg Settlement Center and expires on June 19, 2025. The State Corporation Deposit Insurance Agency license runs indefinitely but requires parties making such premium payments to keep accurate records of any activity taken under the license for a minimum of six years.
The U.K. on May 20 added 82 entries to its Russia sanctions regime and seven entries to its global human rights sanctions list. The additions to the Russia sanctions list include 20 individuals and 62 entities and cover dozens of financial services companies and their executives, along with Chinese entities Electronic Scientific Engineering, Innopolis, Shanghai New Chess Co. and Shanghai New Chess Int'l Logistics Co.
Georgia formally accepted the World Trade Organization Agreement on Fisheries Subsidies on May 19, bringing the number of countries that have accepted the deal to 98. The WTO needs 13 more countries to accept to get to two-thirds of the membership, the threshold for the agreement to take effect.
Former airline executive Skye Xu was sentenced to two years in prison for his role in a scheme to defraud Polar Air Cargo Worldwide of more than $32 million, the U.S. Attorney's Office for the Southern District of New York announced on May 15. Xu pleaded guilty to conspiracy to commit wire fraud and honest services wire fraud, wire fraud and conspiracy to commit money laundering.