On April 3, 2023 the Office of Foreign Assets Control (“OFAC” or “the agency”) launched a new domain for its website at ofac.treasury.gov. This update aims to make it easier for users to navigate OFAC’s sanctions database, find industry
Trade and Manufacturing Monitor
News and Insight from our International Trade Practice Group
Trade and Manufacturing Monitor, published by Kelley Drye & Warren LLP, covers regulatory and compliance developments affecting international trade and manufacturing sectors. The blog addresses topics such as export controls, sanctions enforcement, tariff regulations, and supply chain risks, with a focus on U.S. and global regulatory frameworks. It discusses issues like sanctions circumvention, export denial orders, tariff exclusion processes, forced labor prevention in supply chains, and nuclear nonproliferation controls. The content is aimed at helping companies navigate complex trade compliance requirements, assess risks related to high-risk countries and products, and understand evolving government enforcement actions and policy updates.
Latest from Trade and Manufacturing Monitor - Page 3
First Round of CHIPS Funding Announced
By Maliha Khan
On February 28, 2023, the U.S. Department of Commerce announced the first funding opportunity under the CHIPS and Science Act (“CHIPS Act”), bipartisan legislation signed into law in 2022. The funding opportunity provides “manufacturing incentives to restore U.S. leadership in…
Biden Administration to Take Action on U.S. Outbound Investment Screening
Investment screening has become an increasingly important topic for the United States and its allies, as concerns grow about the accumulation of sensitive information and technologies by strategic adversaries like China and Russia. The Biden administration is currently contemplating taking…
Anniversary Round of U.S. Sanctions, Export Controls Impose and Enhance Restrictions Against Financial and Material Support for Russia’s War Efforts
Last Friday, on the anniversary of the Ukraine invasion, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) took significant action by imposing sanctions against the Russian economy, targeting Russia’s financial services sector, sanctions evasion networks, military supply chains,…
OFAC Settlement Highlights Need for Compliance Training Across Subsidiaries for Multinational Firms
The Office of Foreign Assets Control (“OFAC”) recently announced a settlement agreement with Danfoss A/S (“Danfoss” or “the company”) in response to allegations that Danfoss directed its customers in Iran, Syria, and Sudan to make payments through third-party agents to…
OFAC Sanctions Potanin, Interros, and Rosbank; but Norilsk Nickel is Excluded
Today, the Office of Foreign Assets Control (“OFAC”) added Russian oligarch Vladimir Potanin along with several of his companies to the Specially Designated Nationals (“SDN”) List. OFAC’s action specifically targets Mr. Potanin, Interros, an investment holding company controlled by Mr.…
Initial Restructuring of the International Traffic in Arms Regulations
As part of a comprehensive streamlining effort, the U.S. State Department’s Directorate of Defense Trade Controls (DDTC) issued an interim final rule that reorganizes and restructures Part 120 of the International Traffic in Arms Regulations (ITAR). This action marks the…
CFIUS Issues New Enforcement and Penalty Guidance
On October 20, the Committee on Foreign Investment in the United States (CFIUS or the Committee) issued a press release laying out new guidance to provide clarity about how the Committee assesses violations of the laws and regulations that govern…
European Union Adopts Eighth Package of Sanctions Against Russia
Yesterday, the European Union implemented its eighth round of sanctions on Russia in response to Russia’s claimed annexation of Ukrainian territory. This latest package includes expanded import and export restrictions, an initial implementation of an EU price cap on the…
U.S. Imposes New Sanctions on Russia in Response to Claimed Annexation & Warns of Further Measures
Today, the U.S. Treasury Department and Commerce Department imposed new sanctions on Russia and Belarus as part of the G-7’s collective response to Russia’s claimed annexation of additional Ukraine territory. The new sanctions target supporters of Russia’s military and defense…