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On May 26, 2022, the US Department of Commerce’s Bureau of Industry and Security issued a final rule updating the scope of License Exceptions Authorized Cybersecurity Exports Encryption Commodities, Software, and Technology related to cybersecurity items in response to public comments on the interim final rule related to cybersecurity items published on 21 October 2021. The interim final rule established a new control on certain cybersecurity items for National Security and Anti-terrorism reasons and created License Exception ACE in Section 740.22 of the Export Administration Regulations, which authorizes exports of identified cybersecurity items to most destinations except in certain circumstances.

Baker McKenzie’s Sanctions Blog published the alert titled Canada Introduces Ban on the Provision of 28 Services to the Russian Oil, Gas and Chemical Industries, Including Technical, Management, Accounting, and Advertising Services on 10 June 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.

In the wake of last month’s collapse of the TerraUSD token, a broad array of regulators and government officials have attempted to introduce a legal framework around stablecoins. Last week, Senators Lummis and Gillibrand introduced a bill into the US Congress that would, among other things set requirements for the amount of backing assets stablecoin issuers would be required to hold.

On May 16, 2022, the US Departments of State and Treasury and the Federal Bureau of Investigation issued a joint advisory alert to the public about attempts by the Democratic People’s Republic of Korea (“DPRK” a.k.a. North Korea) and DPRK information technology (“IT”) workers posing as non-DPRK nationals to obtain employment outside of North Korea. The Advisory provides guidance to help prevent inadvertent recruitment, hiring, and facilitation of North Korean IT workers, as the hiring or support of DPRK IT workers may create business risks that range from theft of data, intellectual property, and funds, to sanctions-related risks under both US and United Nations authorities.

Baker McKenzie’s Sanctions Blog published the alert titled Canada Introduces Additional Designations on 22 Senior Officials of Russian Financial Institutions and Their Family Members, and 4 Russian Financial Institutions and Banks on 1 June 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.

Baker McKenzie’s Sanctions Blog published the alert titled United States: BIS Issues Temporary Denial Order Against Additional Russian Airline and Adds Aircraft to List of Aircraft Subject to General Prohibition 10 on 2 June 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.

Baker McKenzie’s Sanctions Blog published the alert titled United States: OFAC Reissues and Extends General License Authorizing Certain Transactions Involving the Central Bank of Russia, the National Wealth Fund of the Russian Federation, or the Ministry of Finance of the Russian Federation on 2 June 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.

Baker McKenzie’s Sanctions Blog published the alert titled Canada Introduces An Import and Export Ban on the Trade of Certain Luxury Goods with Russia, Prohibits the Export of Goods With Use in Weapons Manufacturing and Designates 14 Additional Russian Individuals on 23 May 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.