The U.S. and South Korea may have to build more trust if they want to effectively coordinate on technology competition issues, experts said during a June 2 event hosted by the Center for Strategic and International Studies. Although the May meeting between President Joe Biden and South Korean President Yoon Suk Yeol was a good first step, speakers said the two sides will likely face challenges implementing some of their goals, including an improved trade and technology partnership.
The U.K. issued two General Licenses under its Russia sanctions regime, permitting certain action for charities and telecommunications services. Under the "Russia Designated Persons -- Charities and Interim Managers and trustees" license, the Office of Financial Sanctions Implementation permits an interim manager or trustee of a charity linked to a listed individual or entity to make payments to meet the charity's basic needs until May 30, 2023.
The U.S. announced it is starting negotiations with Taiwan on trade facilitation, sanitary and photosanitary regulations for agricultural imports, digital trade, and coordinating to confront non-market practices. The U.S.-Taiwan Initiative on 21st-Century Trade is similar to the Indo-Pacific Economic Framework in its scope, but Taiwan was not invited to join IPEF negotiations.
The U.N. Security Council recently amended six entries on its ISIL (Da'esh) and al-Qaida Sanctions list, according to two separate notices. The revisions change identifying information for each of the entries.
The Office of Foreign Assets Control published three new FAQs related to the Chinese Military-Industrial Complex Sanctions, according to a June 1 notice. The FAQs address how U.S. financial institutions must deal with transactions involving Chinese Military-Industrial Complex Companies' (CMIC) securities, how holders of CMIC are affected by dividends, and whether they are required to divest interests.
The EU extended its Syria sanctions regime for another year, with restrictions to expire June 1, 2023, the European Council announced May 31. The sanctions apply to 289 individuals and 70 entities, subjecting all to an asset freeze and the individuals to a travel ban. The restrictions were imposed in 2011 to counter the state violence following the Arab Spring protests and ensuing civil war.
Through April 8, the EU froze over $7.1 billion and blocked over $24.3 billion in Russian assets stemming from its sanctions regime on Russia following its invasion of Ukraine. The European Commission confirmed these figures in a May 30 answer to a Parliamentary question over how the sanctions on Russian and Belarusian oligarchs has led to action. The figures for frozen Russian and Belarusian assets ballooned to $10.3 billion by April 29, with another $3.2 billion seized April 8 to April 29.
The U.S. and the EU should focus export control efforts under the Trade and Technology Council (see 2205160033) around end-use and end-user controls, rather than on a technology’s “capabilities,” industry told the EU in comments released May 31. Trade groups also said the U.S. and the EU should better harmonize their restrictions around “intangible” transfers, which have been implemented differently and have caused confusion among companies.
The Bureau of Industry and Security is adding 71 entities to its Entity List for supporting Russia’s military or for trying to illegally acquire U.S.-origin goods. The additions include 70 entities based in Russia and one based in Belarus, BIS said, and 66 of them are now subject to BIS’ Russia/Belarus foreign direct product rule. All the entities will require a license for all items subject to the Export Administration Regulations. No license exceptions will be available, and BIS will review applications under a policy of denial. Exports of certain food and medicine will be reviewed on a case-by-case basis, the agency said. The additions, which will be published in the Federal Register June 6, take effect June 2.
The U.K. amended the sanctions entries for 299 individuals and entities under its Russia sanctions regime. The updates apply to 278 individuals and 21 entities. The amendments renewed the urgent listings initially made for 96 individuals and 19 entities, while the listings for over 170 entries, including the Wagner Group and Credit Bank of Moscow, were changed from urgent to standard procedure listings.