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Morrison & Foerster LLP
John Smith spoke to the National Journal for an article covering President Biden s State Department slow-rolling sanctions against the Russian energy project Nord Stream 2 out of concern that.
Kelley Drye & Warren LLP
Last Friday, the Office of the United States Trade Representative ( USTR ) issued lists of products from six countries that may be subject to additional 25 percent tariffs.
Kelley Drye & Warren LLP
Today, the U.S. Department of the Treasury s Office of Foreign Asset Control ( OFAC ) further escalated sanctions on Burma by adding two large Burmese military holding companies to its List of. RELATED CONTENT
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US Sanctions Pose Huge Risks for Myanmar Businesses
A container port in Yangon. / The Irrawaddy
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By JOHN SQUIRE 2 April 2021
Since the Myanmar military’s coup of Feb. 1, the United States, European Union and other western countries have imposed targeted sanctions on military generals. On March 25, in a coordinated move, both the US and UK imposed sanctions on the military- owned Myanmar Economic Cooperation (MEC) and Myanmar Economic Holdings Limited (MEHL).
Recently, US authorities have become more aggressive enforcing sanction laws placing Myanmar and foreign businesses at increased risk of civil and criminal penalties including worldwide bank account seizures, heavy fines, and criminal prosecutions.
Myanmar Economic Holdings Limited
Because both the Ministry of Defence and Myanmar Economic Corporation play a large role in Burma’s economy, exporters doing business with Burma need to assess whether these entities play a role in any ongoing business activities (including as end user, purchaser, or intermediate consignee), as such activities could trigger a BIS licensing requirement.
Additional restrictions
In addition to the Entity List designations, BIS removed Burma’s eligibility for a number of license exceptions; changed Burma’s country group, resulting in a less favorable licensing policy; and extended the application of “military end user” and “military end use” (MEU) rules to Burma. Like the Entity List designations, these rules also became effective on 8 March 2021, but contain a savings clause of longer duration, authorizing any shipments of items that were en route aboard a carrier to a port of export or reexport no later than 7 April 2021, that would not
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