Here is a recap of the latest customs and international trade law news:
- On April 6, 2022, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued Russia-related designations and designations updates, along with general licenses including General License 8B, General License 9B, General License 10B, General License 21, General License 22, and General License 23.
- On April 6, 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is imposing full blocking sanctions on Sberbank, Russia’s largest state owns bank, and Alfa-Bank, Russia’s largest private bank to degrade the economy of the Russian Federation as a response to Russia’s continued war against Ukraine. In addition, OFAC is targeting family members of President Vladimir Putin and Foreign Minister Sergey Lavrov, as well as Russian Security Council members who are complicit in the war against Ukraine. The President is also issuing a new Executive Order today banning new investment in the Russian Federation and the provisions of certain services to any person located in the Russian Federation by U.S. persons.
- On March 31, 2022, CBP issued guidance on the 2022 Q2 Absolute Quota Aluminum Section 232 Limits. The guidance offers clarification on the absolute quota process in reference to imports of aluminum products under HTS subheadings 9903.85.05 through 9903.85.06.
- On March 31 2022, CBP issued a guidance document regarding the retroactive reinstatement of certain exclusions to China 301 trade remedies from October 12, 2021 through December 31, 2022. The guidance offers instructions for importers, brokers, and filers on submitting entries to CBP containing granted exclusions by the USTR from the Section 301 measures.
- On April 1, 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a $78,750 settlement with S&P Global, Inc. S&P Global has agreed to settle its potential civil liability for apparent violations of the Ukraine-Related Sanctions Regulations occurring between August 2016 and October 2017.
- On April 1, 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned five entities for providing support to the DPRK’s development of weapons of mass destruction (WMD) and ballistic missile programs, in violation of multiple United Nations Security Council resolutions (UNSCRs).
- On March 31, 2022, United States Trade Representative Katherine Tai released the 2022 National Trade Estimate Report on Foreign Trade Barriers (NTE Report), providing a comprehensive review of significant foreign barriers to U.S. exports of goods and services, U.S. foreign direct investment, and U.S. electronic commerce in key export markets for the United States.
If you have questions about these updates, contact our Customs and International trade law attorneys at email@example.com or call us at 305-456-3830.
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