The United States, the European Union and the United Kingdom, along with a number of other jurisdictions, have responded to the ongoing military conflict in Ukraine by adopting new, additional and/or enhanced economic sanctions, trade restrictions and other restrictive measures targeting, in different ways, Russia, Belarus, and the so-called Donetsk People’s Republic and Luhansk People’s Republic, which Russia has purported to recognize as independent states.  Russia, in turn, has responded to these restrictive measures by adopting its own countermeasures and related regulations affecting, for example, certain dealings involving non-Russians in Russia.
Continue Reading Sanctions Developments Resulting From the Conflict in Ukraine

On March 9, 2022, President Biden signed a wide-ranging Executive Order on Ensuring Responsible Development of Digital Assets. While the Order does not mandate any particular regulatory prescriptions, it lays out key policy goals for a whole-of-government approach to digital asset regulation and directs the U.S. Government to assess the potential for a U.S.

U.S. federal and state authorities recently announced actions that are designed to give effect to economic measures taken against Russia and hold accountable those who violate U.S. laws.  These developments suggest that U.S. authorities’ focus on enforcing U.S. sanctions and export controls, anticorruption and anti-money laundering laws, and the growing scrutiny of cryptocurrency, will continue.  They also point to further coordination and cooperation between authorities in the U.S. and other jurisdictions in investigating and prosecuting violations of their respective laws.
Continue Reading Authorities in U.S. Take Steps to Strengthen Enforcement of U.S. Measures Against Russia

The U.S. National Science and Technology Council (NSTC)[1] recently published an updated list of critical and emerging technologies (CETs) as part of an ongoing effort to identify advanced technologies that are potentially significant to U.S. national security.
Continue Reading Updates to the Critical and Emerging Technologies List Signal Additional Areas of Focus

In 2022, boards of directors will continue to face a complex and expanding global foreign direct investment landscape that increasingly requires transactions to undergo intensive multijurisdictional FDI reviews and filing and approval processes, alongside merger control reviews and clearances.  This includes longstanding FDI review regimes with which boards of directors may be familiar, such as the Committee on Foreign Investment in the United States, as well as new and recently modified and expanded regimes, particularly in Europe. 
Continue Reading Global FDI Review Landscape Continues to Evolve

On December 2, 2021, the U.S. Department of the Treasury, Office of Foreign Assets Control (“OFAC”) issued a new directive (Directive 1) prohibiting with immediate effect U.S. persons from transacting or participating in the primary and secondary markets of new Belarusian sovereign debt, in any denomination, with a maturity of greater than 90 days.[1]  In coordination with the European Union, United Kingdom, and Canada, OFAC also designated over 30 individuals and entities determined to have contributed to “ongoing attacks on democracy, human rights, and international norms” on the list of Specially Designated Nationals and Blocked Persons (“SDN List”) and issued General License No. 5, authorizing transactions and activities ordinarily incident and necessary to the wind down of transactions involving newly sanctioned Open Joint Stock Company Belarusian Potash Company or Agrorozkvit LLC, or any of their subsidiaries, until April 1, 2022.[2]
Continue Reading OFAC Imposes Sanctions on Belarusian Sovereign Debt, Announces New Designations

Earlier this week, the U.S. Department of Commerce, Bureau of Industry and Security (“BIS”) published a final rule (the “Final Rule”) imposing export controls on additional emerging technologies pursuant to the Export Control Reform Act of 2018 (“ECRA”).[1]  We previously wrote about the process to identify and impose export controls on emerging and foundational technologies under the ECRA, as well as the steps taken in furtherance of that process, here and here.
Continue Reading New Biotech Export Controls Expand CFIUS Mandatory Notification Requirements

President Biden recently issued a highly anticipated executive order that effectively replaces an existing ban on U.S. persons trading in securities of companies determined to be linked to the Chinese military.  Effective August 2, 2021, U.S. persons are prohibited from purchasing (and, as of June 3, 2022, selling) certain publicly traded securities of companies listed

On May 5, 2021, the European Commission proposed a new draft regulation that, if adopted, would introduce sweeping measures aimed at controlling the impact of foreign subsidies on the EU single market.  The Proposed Regulation reflects the EU’s policy priority to pursue an “open strategic autonomy” and fits into the EU Industrial Strategy,

On Thursday, March 25, the Biden administration imposed blocking sanctions against Myanma Economic Holdings Public Company Limited (MEHL) and Myanmar Economic Corporation Limited (MEC), pursuant to Executive Order 14014 (the Burma EO), in response to the military’s refusal to disavow the February 1, 2021 military coup.[1]  As a result of the sanctions, all transactions and dealings within U.S. jurisdiction, including U.S. dollar interbank transfers, in which MEHL and MEC have a direct or indirect interest are prohibited, and all property within the United States or in the possession or control of U.S. persons in which either has a direct or indirect is blocked.  These sanctions also extend to any entity directly or indirectly 50% or more owned by one or more sanctioned persons or entities, directly or indirectly.[2]  The move was made in coordination with the United Kingdom, which also imposed blocking sanctions against MEHL.[3]  You can read our previous blog post on the Burma EO here.[4]
Continue Reading United States Designates Myanmar Military Conglomerates