On March 6, 2024, the US Departments of Commerce, Treasury, and Justice jointly issued a Tri-Seal Compliance Note putting non-US companies on notice that US sanctions and export controls may apply to them and that they must comply with applicable US sanctions and export controls or face severe penalties.
The Tri-Seal Compliance Note provides background on how non-US parties become subject to US sanctions and export control laws, highlights recent civil and criminal enforcement actions against non-US parties, and advises on appropriate compliance controls to reduce the risk of a violation. Read more here.