The Market Choice Act, which would end fuel taxes while imposing a carbon tax, was reintroduced in the House of Representatives this month by Reps. Brian Fitzpatrick, R-Pa., and Salud Carbajal, D-Calif. The bill, an acronym for "Modernizing America with Rebuilding to Kickstart the Economy of the Twenty-first Century with a Historic Infrastructure-Centered Expansion Act," would require domestic producers to pay a price for carbon, and also would place a tariff on imports if those countries don't have equivalent carbon taxes. It would provide a rebate to manufacturing exporters and sectors that process ores, soda ash and phosphate. It wouldn't cover mining and fossil fuel extraction.
The Office of Foreign Assets Control this week sanctioned one person and three entities involved in helping Iran finance the Houthis, the political and military group in Yemen that has launched attacks in recent weeks on cargo vessels in the Red Sea.
The Commerce Department published its fall 2023 regulatory agenda for the Bureau of Industry and Security, including proposed rules involving its export controls for semiconductors and semiconductor equipment.
The EU General Court on Dec. 20 granted Russian business executive Sergei Mndoiants' request to annul his placement on the Russia sanctions list. The court also rejected similar requests from oligarchs Roman Abramovich and Vadim Nikolaevich Moshkovich.
Seven Republican senators led by Sen. Mike Lee of Utah introduced a bill this month aimed at countering the Commerce Department’s recent 90-day pause in issuing commercial firearms export licenses.
The Office of Foreign Assets Control this week published previously issued General License 78 under its Russian Harmful Foreign Activities Sanctions Regulations. The license authorizes certain safety- and health-related transactions with sanctioned people and ships that were designated Dec. 1 (see 2312010023). The notice includes the license's full text.
China sanctioned American compliance risk advisory firm Kharon, a Kharon researcher and a researcher at the U.S.-China Economic and Security Review Commission in reaction to recent U.S. sanctions announced on Human Rights Day earlier this month (see 2312080026).
The Office of Foreign Asset Control’s $1.2 million settlement with San Francisco-based currency exchange CoinList Markets this month shows U.S. sanctions enforcement of the cryptocurrency industry continues to be a “focus” for OFAC, Sheppard Mullin said in a December client alert. The firm said the case highlights the importance of virtual currency exchanges investing in compliance controls, especially if they offer financial services to customers around the world.
The U.K.’s lead sanctions agency plans to add more employees and resources over the next year, saying that should lead to speedier decisions on license applications and more sanctions-related investigations. It also said it will soon issue penalties for Russia-related violations and wants to expand its mandatory sanctions reporting requirements.
The Commerce Department on Jan. 15 will adjust its civil monetary penalties for inflation, the agency said in a notice released this week. The changes will increase penalties for certain export control and export filing violations, including by increasing the maximum fine for a violation of the Export Control Reform Act, from $353,534 to $364,992.