President Joe Biden issued an executive order March 9 that will require several agencies to study how cryptocurrency can be used to evade sanctions. The order, part of a “priority effort” underway by the administration to counter illegal uses of virtual currencies, comes amid concerns from lawmakers that Russia could turn to cryptocurrency to evade U.S. and global financial restrictions (see 2203030047).
News operations in Europe reported that the EU began the process on March 4 of ending most favored nation tariffs on Russian goods. A European Commission spokesperson confirmed the reports to Export Compliance Daily on March 7. "There was broad support within the Trade Policy Committee regarding actions taken by Russia that would justify the non-application of MFN vis-à-vis Russia," the spokesperson said. "There was strong support to work with likeminded countries on a joint statement and a willingness to take appropriate trade measures as an action. This is now work in progress. From the EU perspective, such measures would be adopted on the same procedures as those that were used to adopt the previous rounds of sanctions."
David Wolber, former an attorney with Gibson Dunn, rejoined the firm as of counsel in its Hong Kong office, the firm announced. Before returning, he was global financial crime counsel for the Hong Kong bank HSBC and held a similar position for MUFG Bank. Wolber's practice will concern sanctions, export controls, Committee on Foreign Investment in the U.S. and foreign direct investment controls, and anti-bribery and anti-corruption proceedings.
The Biden administration should close a sanctions “loophole” that allows Russian nationals to continue making “significant” deposits at U.S. banks and purchases of U.S. securities, Senate Foreign Relations Committee Chair Sen. Bob Menendez, D-N.J., said. He said the move would more closely align U.S. financial restrictions with those imposed by European allies and help cut off all access to the U.S. financial system for Russian elites who are “currently still able to keep sizable assets safe in the U.S. market.”
Democrats who lead the House Select Subcommittee on the Coronavirus Crisis are asking major carriers for extensive documents and proprietary information, saying they have the authority to investigate price gouging and profiteering connected to the pandemic.
The U.S. charged American citizen John "Jack" Hanick with violating U.S. sanctions on Russia related to Russians promoting separatism in Crimea in 2014 via his work for sanctioned Russian oligarch Konstantin Malofeyev, the U.S. Attorney's Office for the Southern District of New York said. Hanick was arrested on Feb. 3 in London and faces a maximum of 20 years in prison for the sanctions charge and five years in prison for a false statements charge. The criminal indictment is the first stemming from the 2014 Russia sanctions regime.
China Tech Threat, a consultant-owned organization that advocates for stronger export controls, urged the Senate to speed up the confirmation process for Alan Estevez to lead the Bureau of Industry and Security. The group said Estevez will bring “extensive national security background to the role at a critical time as China’s ambitions to dominate emerging technology markets pose a serious threat to U.S. economic and national security interests.” The vacancy for BIS undersecretary leaves a “glaring hole in our export control regime,” the organization said, noting that it has been more than five years since the agency last had a confirmed undersecretary.
The Federal Maritime Commission is planning to issue an advance notice of proposed rulemaking on container return and "earliest return date" practices by carriers, Commissioner Rebecca Dye told the Senate Commerce Committee. She also said there will be an advance notice of proposed rulemaking on detention and demurrage billing practices.
Edelman Global Advisory hired Everett Eissenstat, who previously was General Motors senior vice president-global public policy, as chair of North America and global trade lead, the company said in a news release. Before joining GM, Eissenstat was a White House deputy assistant to the president for international economic affairs and chief international trade counsel for the Senate Finance Committee. He also has been assistant U.S. trade representative for the Americas.
Congress should make sure the Treasury Department has enough funding to fully target Russian oligarchs and sanctioned Russian companies Sen. Ron Wyden, D-Ore., said March 1. Wyden, chair of the Senate Finance Committee, applauded Treasury’s Russia sanctions work so far but said Congress may need to provide the agency with more resources.