EU imposes new sanctions against North Korea

On 16 October 2017, the European Union (“EU“) imposed new sanctions on North Korea under Council Regulation (EU) 2017/1858. The new restrictive measures under the EU North Korea sanctions regime, include a further ban on EU investments in and with North Korea to all sectors, decreasing the amount of personal remittances that can be sent to North Korea from EUR15,000 to EUR5,000, and imposing a further prohibition on the export of oil to the country. The EU also adopted Council Regulation … Continued

EU issues statement on the Joint Comprehensive Plan of Action

On 16 October 2017, the European Union (“EU“) issued a statement on the Joint Comprehensive Plan of Action (“JCPOA“), following United States (“US“) President Trump’s decision not to certify Iran’s compliance with the JCPOA. On 13 October 2017, US President Trump announced that he will not terminate the JCPOA, but that he also will not certify that Iran is complying with it and he demands strict(er) compliance with the accord. In fact, this means that US Congress now has sixty days to … Continued

Bright Lights to pay USD 400,000 for violating US export control regime

On 11 September 2017, Bright Lights USA, Inc. (“Bright Lights”) of Barrington, New Jersey, reached an administrative settlement with the United States (“US“) and agreed to pay USD 400,000, in order to resolve alleged violations of the Arms Export Controls Act (“AECA“) and the the International Traffic in Arms Regulations (“ITAR“). According to the US State Department, Bright Lights engaged in several unauthorised exports of ITAR-controlled defence articles to foreign persons in a number of countries. Bright Lights unauthorised exports also included … Continued

The European Commission updates the EU Control List of Dual-Use Items

On 26 September 2017, the European Commission (the “Commission“) adopted the annual delegated regulation that updates the EU dual-use export control list in Annex I to Regulation (EC) No 428/2009 (the “Dual-use Regulation“) and brings it in line with the decisions taken within the EU framework of the international non-proliferation regimes and export control arrangements in 2016. A major amendment to the Dual-use Regulation is currently expected in 2018. Should you wish to have more information on this topic, please contact … Continued

OFAC sanctions banks and representatives linked to North Korean financial networks

On 26 September 2017, the United States (“US“) Office of Foreign Assets Control (“OFAC“) designated eight North Korean banks and 26 individuals, who are linked to North Korean financial networks. According to OFAC, the designations follow in response to North Korea’s ongoing development of weapons of mass destruction and continued violations of United Nations Security Council Resolutions. The designated individuals are North Korean nationals who are operating in China, Russia, Libya and the United Arab Emirates and who are considered … Continued

Cartier to pay USD334,800 for violating the US sanctions regime

On 26 September 2017, Richemont North America Inc., d.b.a. Cartier (“Cartier“), agreed to pay USD334,800 for violating the Foreign Narcotics Kingpin Sanctions Regulations. Cartier violated the US sanctions between October 2010 and April 2011, when it exported four shipments of jewellery to Shuen Wai Holding Limited in Hong Kong, an entity added to added to the List of Specially Designated Nationals and Blocked Persons (the “SDN List”) by the Office of Foreign Asset Control (“OFAC“) in November 2008. According to OFAC, Cartier did not … Continued

Iran unveils new ballistic missile in response to President Trumps UN speech

On 22 September 2017, Iranian President Hassan Rouhani said that Iran will continue to build up its ballistic missile program and other capabilities, unveiling a new ballistic missile capable of carrying multiple warheads for up to 2000 kilometers. President Rouhani’s statement comes just days after United States (“US“) President Trump his first speech to the United Nations, denouncing the Iran nuclear deal and calling it an embarrassment to the US. The Joint Comprehensive Plan of Action requires Iran to comply … Continued

US imposes new sanctions against North Korea

On 21 September 2017, President Trump issued a new Executive Order (“E.O.“) imposing new sanctions on North Korea, in response to its latest nuclear and ballistic missile tests. The new restrictive measures target individuals and entities that engage in trade with North Korea, as well as the financial institutions that facilitate this trade and these measures include: A 180-day ban on vessels and aircraft that have visited North Korea from visiting the United States (“US“). This ban also targets vessels that … Continued

EU extends and updates its Russia and Ukraine sanctions regime

on 14 September 2017, the EU extended its Russia and Ukraine sanctions regime for a period of six months until 15 March 2018. The EU also updated the said sanctions regime, adding Crimean Sea Ports to its list of designated people and entities, including a derogation for payments to Crimean Sea Ports for certain services to the restrictive measures currently in place, and also updating the list of persons subject to these restrictive measures by removing deceased persons from this list. … Continued