The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions:
- 04 Nov 2024 (UK):
His Majesty's Revenue and Customs ("HMRC") confirmed that a compound settlement offer was issued to a UK exporter in August 2024 for breaching The Russia (Sanctions) (EU Exit) Regulations 2019 ("Russia Regulations").
- 01 Nov 2024 (BIS):
Dual U.S.-Russian national Vadim Yermolenko pleaded guilty to conspiracy to violate the Export Controls Reform Act (ECRA) and to related conspiracy charges for playing a "central role" in an illicit procurement and money laundering network designed to smuggle sensitive dual-use electronics into Russia for use by the Russian military and intelligence services.
- 09 Oct 2024 (BIS):
BIS published guidance to financial institutions (FIs) recommending best practices regarding due diligence, ongoing reviews of transactions to identify potential red flags, and real-time screening for FIs to comply with the Export Administration Regulations (EAR), including General Prohibition 10 (GP10).
The OverRuled: China Trade Controls Resource Center has been updated with the following actions:
- 01 Nov 2024 (BIS):
The Bureau of Industry and Security ("BIS") issued a new final rule that amends the Export Administration Regulations ("EAR") by strengthening existing export control restrictions against Russia and Belarus and clarifying the applicability of license requirements for the Entity List Foreign Direct Product ("FDP") rules.
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