The U.S. should restrict but not completely cut off sales of “compute power” to China, Sen. Mike Rounds, R-S.D., said May 30.
The State Department's Directorate of Defense Trade Controls is preparing to finalize a set of "targeted revisions" to the U.S. Munitions List that it previewed in a January interim final rule (see 2501160027). The changes would exclude entries "that do not warrant inclusion" and add export controls for "critical and emerging technologies that warrant inclusion." DDTC sent the rule for interagency review June 2.
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House Select Committee on China Chairman John Moolenaar, R-Mich., said June 3 that he hopes the Trump administration will release a new AI diffusion export control rule “soon" to replace the one it recently rescinded.
The EU is preparing another package of Russia sanctions, European Commission President Ursula von der Leyen said on LinkedIn, including a measure that could lower the price cap on Russian oil from its current level of $60. The sanctions would specifically target "Russia's energy revenues, including Nord Stream infrastructure, Russia's banking sector" and would involve "lowering the crude oil price cap," the commission said.
The FBI is asking for information about people who may have been victimized by Funnull Technology Inc., the Philippines-based company that was sanctioned last month for providing computer infrastructure for hundreds of thousands of websites involved in virtual currency investment scams (see 2505290010). The agency said it’s investigating “fraudulent cryptocurrency investment platforms and companies,” and people who believe they have “fallen victim” to Funnull or another similar scammer should contact the FBI and provide “as many transaction details as possible, including cryptocurrency addresses, amount and type of cryptocurrency, date and time, and transaction ID (hash).”
Banks need more guidance from the Office of Foreign Assets Control to comply with the agency’s new timeline for new sanctions-related recordkeeping requirements, which were extended from five years to 10 years (see 2503190003), the American Bankers Association said.
A grand jury indictment unsealed last week charges two people with trying to pay millions of dollars to ship U.S. export controlled technology and weapons to China, offering in some cases more than double the market rate to buy military jet engines, drones, cryptographic devices and other sensitive technologies.
China's Foreign Ministry criticized recent measures by the U.S. Bureau of Industry and Security to restrict exports of a range of items to China, saying Beijing "firmly" opposes the controls and "will resolutely defend our legitimate rights and interests."
Sen. Tom Cotton, R-Ark., warned Nvidia and other U.S. chip firms last week that they will face penalties if they send advanced AI chips to China.