A Massachusetts financial services firm agreed to pay a nearly $7.5 million penalty after the Office of Foreign Assets Control accused its subsidiary of revising dates on invoices to skirt certain financial restrictions on dealings in new Russia-related debt. OFAC said the company’s 38 violations of the Ukraine-/Russia-Related Sanctions Regulations involved more than $1.2 million worth of invoices for companies owned by Russia’s Sberbank and VTB Bank.
U.S. intelligence agencies are warning American emerging technology startups about the risks of accepting certain foreign investments, saying “foreign threat actors” from China and elsewhere are using those investments as a guise to steal sensitive technology.
Sen. Chris Van Hollen, D-Md., questioned a senior Bureau of Industry and Security official this week about whether the agency would consider using its foreign direct product rule to impose more license restrictions on foreign exports of advanced chipmaking equipment to China.
New rules from the Commerce and State departments could lead to a range of new restrictions on U.S. support for certain foreign military intelligence and security services, increasing export licensing requirements for activities that could give U.S. adversaries a “critical military or intelligence advantage.”
The Bureau of Industry and Security is expanding its export controls to make more items subject to license requirements under its Iran foreign direct product rule, increasing its Iran-related restrictions under the Export Administration Regulations. The final rule, which was released July 24 but took effect July 23, implements certain provisions in the wide-ranging national security bill President Joe Biden signed into law in April (see 2404240043).
Alabama resident and business owner Ray Hunt pleaded guilty this month to conspiring to illegally export U.S.-origin goods to Iran, DOJ announced. Hunt was charged in December after the agency said Hunt conspired to ship parts used in the oil and gas industry to Iran and submitted false export information to the U.S. government (see 2211300011). Hunt faces a maximum five-year prison sentence.
The Census Bureau emailed tips last week on how to address the most frequent messages generated this month in the Automated Export System.
The EU General Court last week annulled three European Council decisions sanctioning Vladimir Rashevsky, former CEO and director of mineral fertilizer giant EuroChem. The court didn't consider the most recent listing decision imposing sanctions on Rashevsky.
Certain shipments of animal products and byproducts exported from Canada and then returned to the country unchanged may need an import license as of July 10, the country said.
The U.K. must reassess whether it should investigate cotton imports from China suspected of being made with forced labor after an appellate court ruled last month that the country’s National Crime Agency wrongly decided against opening the probe.