US Government imposes new sanctions on Russia

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In the past several days, the US Government has issued a slew of sanctions measures targeting Russia. According to a White House Fact Sheet (see https://www.whitehouse.gov/briefing-room/statements-releases/2021/04/15/fact-sheet-imposing-costs-for-harmful-foreign-activities-by-the-russian-government/), these measures are stated to be in response to Russia’s “harmful foreign activities,” including efforts to undermine free and fair democratic elections and institutions, malicious cyber activities (including the recent SolarWinds incident), transnational corruption, targeting of dissidents and journalists, undermining national security and violating the territorial integrity of states. The latest measures include: 1. A new Executive Order 14024 (see https://www.federalregister.gov/documents/2021/04/19/2021-08098/blocking-property-with-respect-to-specified-harmful-foreign-activities-of-the-government-of-the); 2. The addition of several new parties to the OFAC Specially Designated Nationals and Blocked Persons List (see https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20210415), and 3. A related new Directive prohibiting US financial institutions from participating in the primary market for certain ruble, as well as non-ruble, denominated Russian sovereign bonds and loans (see https://home.treasury.gov/system/files/126/sovereign_debt_prohibition_directive_1.pdf).

CBP publishes quarterly interest rates

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On April 23, 2021, US Customs and Border Protection (CBP) published in the Federal Register a general notice that advises the public that the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties will remain the same from the previous quarter. For the calendar quarter beginning April 1, 2021, the interest rates for overpayments will be 2 percent for corporations and 3 percent for non-corporations, and the interest rate for underpayments will be 3 percent for both corporations and non-corporations.

See https://www.govinfo.gov/content/pkg/FR-2021-04-23/pdf/2021-08465.pdf

UK imposes sanctions on four individuals and one entity linked to Xinjiang

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On 22 March 2021, the UK Government added four individuals and one entity to the Global Human Rights financial sanctions regime, in relation to alleged human rights violations taking place in Xinjiang, China. These measures were announced in coordination with Canada and the United States, and in parallel to EU measures.

See https://www.gov.uk/government/news/uk-sanctions-perpetrators-of-gross-human-rights-violations-in-xinjiang-alongside-eu-canada-and-us

US Commerce extends military-intelligence end-use and end user controls to Burma

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On April 9, 2021, the US Commerce Department’s Bureau of Industry and Security (BIS) strengthened restrictions targeting Burma by adding Burma to the list of countries subject to the Export Administration Regulations’ (EAR’s) military-intelligence end-use and end-user controls and controls on certain support activities by US persons (“Interim Final Rule“). These controls were first issued on January 15, 2021 (“January Rule“), and became effective March 16, 2021.

See https://www.govinfo.gov/content/pkg/FR-2021-04-09/pdf/2021-07357.pdf

BIS adds seven Chinese parties involved in supercomputing to the Entity List

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On April 9, 2021, the US Commerce Department’s Bureau of Industry and Security (BIS) published a final rule in the Federal Register to add seven Chinese parties to the Entity List.  The Final Rule took effect on April 8, 2021.  According to the Final Rule and the Commerce Department’s press release, the Designees were added to the Entity List because they have procured US-origin items for use in building supercomputers that are used to support China’s military actors and military activities.

See https://www.federalregister.gov/documents/2021/04/09/2021-07400/addition-of-entities-to-the-entity-list.

US Treasury Department removes UAE from list of boycotting countries

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On April 8, 2021, the US Treasury Department published an updated List of Countries Requiring Cooperation With An International Boycott  (the “Treasury List”). Significantly, Treasury announced that it had removed the UAE from the Treasury List following the UAE’s repeal of its law requiring participation with the Arab League Boycott of Israel and subsequent implementation of the new policy.

See https://www.federalregister.gov/documents/2021/04/08/2021-07244/list-of-countries-requiring-cooperation-with-an-international-boycott