The U.K. is looking to strengthen its export controls and broader trade defense “toolkit” to better guard against economic threats by third countries, the country said in its 100-page trade strategy released last week.
The Bureau of Industry and Security could streamline and strengthen its export license review process by improving its information sharing with other agencies involved in the process, especially the Defense, Energy and State departments, according to a new report by the Government Accountability Office.
The U.S. should quickly move forward with new secondary sanctions against supporters of Russia, government leaders and think tank officials said this week, and they urged the EU to do more to hold Beijing accountable for helping Russia evade sanctions.
The Office of Foreign Assets Control is considering adding a new online portal for sanctioned people and parties to ask to be removed from the agency's Specially Designated Nationals List and other OFAC restricted party lists.
An Israeli telecommunications and cybersecurity technology company told the Bureau of Industry and Security that it may have violated export controls against Russia and Belarus.
Enacting two pending export control bills into law could help keep U.S. AI technology out of China’s hands, an advocacy group representative told the House Select Committee on China June 25.
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Former U.S. and U.K. national security officials warned the British government about aligning too closely with a decoupling strategy toward China, saying this week that the U.K. should carefully manage sensitive trade issues but not in a way that strains economic ties with Beijing.
President Donald Trump appeared to signal June 24 that the U.S. no longer will sanction China for purchases of Iranian oil.
A large U.S. sanctions penalty earlier this month is a sign of the Office of Foreign Assets Control’s rising compliance expectations for investment firms, accountants, wealth advisers and other financial “gatekeepers,” particularly if they’re aware that funds may be indirectly tied to a sanctioned person, law firms said. The fine, which was the largest OFAC penalty since 2023, also could begin a trend of tougher enforcement on those gatekeepers, law firms said, especially if they rely on wrong legal advice or don’t fully cooperate with OFAC.