The Bureau of Industry and Security sent a final rule for interagency review that could make certain export control changes on items destined to Nicaragua. The rule, sent for review Dec. 20, would revise the export, reexport and in-country transfer controls for Nicaragua under the Export Administration Regulations “consistent with U.S. policy.”
A new executive order scheduled to be signed by President Joe Biden Dec. 22 will give the U.S. new authority to sanction financial institutions that facilitate transactions for companies sending controlled goods to Russia.
The Treasury Department this week published a final rule that will put in place safeguards around sensitive information submitted to the agency as part of its new beneficial ownership information (BOI) reporting requirements, which are designed to help the government prevent sanctioned parties and others from hiding money or property in the U.S. The rule adopts a range of changes from the proposed version released last year, including one that Treasury said will allow financial institutions to access information from a newly created BOI database for a broader set of reasons, including to help them conduct certain sanctions due diligence.
President Joe Biden on Dec. 22 signed an executive order that expands U.S. sanctions authorities against foreign financial institutions facilitating “significant transitions” involving Russia’s military industrial base. The order authorizes new sanctions against banks facilitating those transactions on behalf of certain already-designated parties and it allows the U.S. to sanction banks facilitating sales of certain “critical items” to Russia, the White House said in a fact sheet.
A New York insurance company reached a $466,000 settlement with the Office of Foreign Assets Control after the U.S. said it provided insurance policies for the blocked company of a sanctioned Russian-Ukrainian oligarch. OFAC said Privilege Underwriters Reciprocal Exchange, which provides insurance policies for luxury homes, cars and boats, continued collecting insurance payments from the company for more than two years after its owner was added to the agency’s Specially Designated Nationals List.
China criticized a resolution passed by the European Parliament last week that urged the EU to sanction Chinese officials involved in the forced assimilation of Tibetan children into Chinese government-run boarding schools (see 2312150060), saying the resolution contained “disinformation.” Human rights conditions in Tibet “are better than ever,” a Chinese Foreign Ministry spokesperson said during a Dec. 19 press conference, adding that it’s “entirely up to the students and their parents whether to go to boarding schools or not.”
A Kansas business owner pleaded guilty Dec. 19 for his part in a scheme to violate U.S. export laws by filing false export forms and shipping "sophisticated and controlled" avionics equipment to Russian customers without export licenses, DOJ announced. Cyril Buyanovsky, owner of KanRus Trading Co. also agreed to forfeit over $450,000 worth of avionics equipment along with a $50,000 personal forfeiture. He faces a maximum of 25 years in prison.
The Biden administration has not made a decision yet on whether to repeal the sanctions relief it granted Venezuela in October, a senior administration official said during a Dec. 20 call with reporters. “The sanctions relief has not shifted,” the official said, adding that the U.S. won't reimpose the sanctions as long as “progress towards competitive elections” continues.
The U.S., the EU and other nations this week condemned North Korea’s Dec. 17 ballistic missile launch and called for U.N. member countries to fully implement sanctions against the country that prohibit it from importing weapons and ammunition.
The oil shipping industry will soon be required to comply with new attestation and record-keeping rules as part of the global price cap on Russian oil, the Treasury Department said in an updated price cap guidance released Dec. 20. The agency also issued new sanctions against a Russian government-controlled ship manager and other traders who frequently transport Russian oil above the price cap.