Did You Miss These Recent Significant Export and Sanctions Regulatory Developments?

The following provides a snapshot of recent regulatory export and sanctions developments in case you happened to miss these key news items: OFAC Sanctions Key Players in Iran’s Oil Sector On October 26, 2020, the Treasury Department’s Office of Foreign Assets Control (OFAC) added several individuals, entities and vessels to the Specially Designated Nationals (SDN) List, including Iran’s Ministry of Petroleum, the National Iranian Oil Company (NIOC), and the National Iranian Tanker Company, for operating in Iran’s oil sector and supporting the Islamic Revolutionary Guard in violation of the U.S.

New CIT Case Challenges Section 301 Tariffs on List 3 Goods: Interested Importers Should Consider Filing Separate Claims No Later Than September 18th

A recently filed suit filed in the Court of International Trade (CIT) seeks refunds of all Section 301 tariffs imposed to date on List 3 goods imported from China. Interested companies may also file their own independent claims with the CIT challenging the tariffs on both the List 3 and List 4A; however, those claims need to be filed with the Court by Friday, September 18, 2020 as the statute of limitations will soon expire. The complaint that was filed with

State Treasury and Commerce issue Joint Advisory on North Korea’s Ballistic Missile Procurement Activities

The US Departments of State, Treasury and Commerce today issued a joint advisory to alert industry sectors worldwide to North Korea’s ballistic missile procurement activities, key North Korean procurement entities and the deceptive techniques employed by North Korean proliferators and procurement networks. The advisory urges companies to be aware of these activities and techniques, as well as to implement appropriate controls (e.g., Know-Your-Customer or KYC policies and procedures) to ensure compliance with US and multilateral controls on North Korea. The following provides a detailed summary of the advisory. At the outset, the joint advisory states that the United States is committed to disrupting North Korea’s ballistic missile procurement network and activities that expose the electronics, chemical, metals and materials industries, as well as the financial, transportation and logistics sectors to the risk of potential violations of the United Nations and U.S. export controls and economic sanctions. According to the advisory,