Lukoil, the major Russian energy company sanctioned by the U.S. last week (see 2510220050), has accepted an offer for its international business, Lukoil International GmbH, to be bought by Gunvor Group, a multinational energy commodities trading company, Lukoil announced Oct. 30. It said the agreement depends on Gunvor obtaining "permission" from the Office of Foreign Assets Control, "as well as any other applicable licenses, permits and other authorizations in other applicable jurisdictions."
The Office of Foreign Assets Control this week sanctioned the Mexico-based Bhardwaj Human Smuggling Organization, a transnational criminal organization, and its leader, Vikrant Bhardwaj. The agency also sanctioned senior members and affiliates of the group, along with companies that have "facilitated and profited" from its criminal activities.
The Society for International Affairs this month released its Encryption Exception Handbook for Trade Professionals, covering how U.S. export controls apply to encryption items, export-control-related reporting requirements, FAQs and more.
The Commerce Department again renewed a temporary export denial order for Mahan Airways, saying that the Iranian airline continues to violate the order and the Export Administration Regulations. In its Oct. 31 notice, Commerce said Mahan, which has been on the banned list since 2008, has continued flights between Iran and Russia, China and Pakistan in violation of U.S. export controls. BIS extended the denial order for one year.
The U.S. will suspend the Bureau of Industry and Security’s 50% rule for one year in exchange for Beijing postponing its export restrictions on rare earths for one year, the two sides announced Oct. 30.
An "upgraded" version of the EU-Ukraine Deep and Comprehensive Free Trade Area entered into force Oct. 28, the European Commission announced. The deal provided updates in three areas: trade flows, production standards and safeguards.
The U.K. lifted its arms embargo on Armenia and Azerbaijan effective Oct. 13, the country's Export Control Joint Unit said Oct. 29. The embargo "covered weapons, ammunition and munitions that might be used on the land border between Armenia and Azerbaijan by military, police, security forces and related government entities of either state." All export and trade license applications for Armenia and Azerbaijan will continue to be assessed on a case-by-case basis against the U.K.'s Strategic Export Licensing Criteria, the U.K. said.
The U.S. and South Korea have agreed to a "Technology Prosperity Deal" one day after the U.S. and Japan signed a similar agreement (see 2510280031). The deal commits both nations to strengthen the "enforcement of technology protection measures," boost U.S. and Korean AI exports "across the full stack of AI hardware," increase collaboration on research security, and more.
Twelve Senate Democrats urged President Donald Trump Oct. 29 not to ease U.S. restrictions on inbound or outbound investment as part of a potential trade deal with China this week.
Reps. Keith Self, R-Texas, and Michael McCaul, R-Texas, introduced a bill Oct. 28 that would increase the civil penalties that may be imposed under the Export Control Reform Act of 2018.