In the March 27 edition of the Official Journal of the European Union the following trade-related notices were posted:
The Treasury’s Office of Foreign Assets Control announced a $1.9 million settlement with a Connecticut-based industrial tool manufacturer and its China-based subsidiary after OFAC said the companies violated U.S.-imposed sanctions on Iran, according to a March 27 notice. The U.S. company -- Stanley Black & Decker -- and the Chinese subsidiary -- Jiangsu Guoqiang Tools Co. (GQ) -- attempted to export 23 “shipments of power tools and spare parts” worth more than $3 million to Iran from mid-2013 to the end of 2014, OFAC said.
Sanctions on North Korea have not been working, a United Nations Panel of Experts official told a House subcommittee on March 27, adding that North Korea has made no progress toward denuclearization.
Intra-European Union licenses required for very sensitive dual-use items that authorize the export of goods from an EU member state to the United Kingdom will still be valid when and if the U.K. leaves the EU with no transition deal in place, he EU said in a fact sheet issued March 21. These intra-EU transfer licenses, if issued before the U.K.’s withdrawal date, "should be considered as valid licences for exports to the United Kingdom as of the withdrawal date, and until the validity of the licence expires,” the EU said. The fact sheet reiterates that, for dual-use goods, exports from the EU to the U.K. will become subject to the EU’s export control regime after a no-deal Brexit, and any licenses issued by the U.K. for exports from the EU to a third-country will no longer be valid.
The Treasury's Office of Foreign Assets Control issued several counter-terrorism, non-proliferation and Iran-related designations, OFAC said in a March 26 notice. The designations include nine people and 14 entities linked to Iran, the United Arab Emirates and Turkey, according to the notice. OFAC also updated two Iran-related listings on the Specially Designated Nationals List.
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It is unclear if Treasury's most recent North Korean sanctions will be enforced after reports surfaced on March 26 detailing opposing positions among the president, the White House administration and the Treasury Department.
The Treasury Department’s Office of Foreign Assets Control, the State Department and the U.S. Coast Guard issued an update to its maritime petroleum shipping advisory to warn of deceptive shipping practices by Syria and highlight sanctions risks U.S. companies may face if trading with Syria or Iran. The update, a 10-page report that includes lists of ships that have “engaged in sanctionable conduct,” is aimed at “shipping companies, vessel owners, managers, operators, insurers, and financial institutions” who may face “significant U.S. sanctions risks.”
The Treasury’s Office of Foreign Assets Control sanctioned a Venezuelan state-run bank and five related entities, OFAC said in a March 22 notice, increasing pressure on the Nicolas Maduro-led regime in potentially the most impactful move against the country since January, when the U.S. sanctioned Petróleos de Venezuela, S.A, the country's state-run oil company.
In the March 22 edition of the Official Journal of the European Union the following trade-related notices were posted: