A New York-based aviation parts supplier will pay $22,172 to the Office of Foreign Assets Control to settle Russia-related sanctions violations it allegedly committed in early 2024. The company, SkyGeek Logistics, made shipments and attempted refunds to two United Arab Emirates companies that had been sanctioned for supplying equipment and technology to Russia, OFAC said.
Companies subject to the Treasury Department’s paused beneficial ownership information (BOI) reporting requirements are in a “state of bewilderment” after the Corporate Transparency Act rules were temporarily reinstated earlier this month only for them to be quickly placed back under a nationwide injunction last week (see 2412270046), Holland & Knight said in a Dec. 27 client alert. For now, the law firm said there “appears to be a set path forward and a reprieve from imminent compliance obligations” under the rules, which would have required most companies to submit BOI reports to the Financial Crimes Enforcement Network in January as part of a government initiative to prevent sanctioned parties and others from hiding assets in the U.S.
The Bureau of Industry and Security this week published the third quarterly update of its boycott requester list, a list of entities that have asked other companies to boycott goods from certain countries in violation of the Export Administration Regulations.
The Office of Foreign Assets Control on Dec. 30 released quarterly reports on certain licensing activities for Iran and Sudan, covering the period from October 2022 through September 2024. The reports provide licensing statistics for exports of agricultural goods, medicine and medical devices to both countries as required by the Trade Sanctions Reform and Export Enhancement Act of 2000.
Space industry associations and companies largely welcomed a recent State Department proposal to modernize U.S. space-related export controls, although they asked for several clarifications, fewer export control guardrails and an extended timeline to allow space firms to update their compliance programs.
Covington lawyers expect the upcoming Polish presidency of the Council of the EU, running from January to June, to make “significant strides” around technology and trade issues, the firm said in a December client alert.
The Netherlands said it’s seeing an uptick in exports of sanctioned goods to countries with a history of helping Russia evade sanctions, with many of those exports being sent by smaller firms that entered the market within the last couple of years.
The EU this month issued new guidance on its sanctions for importing Russian diamonds, describing the types of diamonds subject to trade restrictions, explaining how the restrictions apply to jewelry that incorporates Russian diamonds, outlining a new mandatory diamond traceability mechanism, and more.
A nationwide injunction stopping the Corporate Transparency Act’s beneficial ownership information (BOI) reporting requirements from taking effect was reinstated last week, making it so certain companies won't have to comply with the law's reporting rules next month.
The Drug Enforcement Administration is proposing to list e 4-chloromethcathinone, a central nervous system stimulant, under Schedule I of the Controlled Substances Act, it said in a notice released Dec. 27. “If finalized, this action would impose the regulatory controls and administrative, civil, and criminal sanctions applicable to schedule I controlled substances on persons who handle (manufacture, distribute, reverse distribute, import, export, engage in research, conduct instructional activities or chemical analysis with, or possess) or propose to handle 4-chloromethcathinone.” Comments are due Jan. 29.