Global Export Controls and Sanctions
The global trade environment is becoming more complex. To address today’s trade environment, companies must transform the way they approach export control and sanction requirements.
BIS Issues Two New Rules with Far Reaching Effect
April 29, 2020
In April, the Bureau of Industry and Security (BIS) published two new rules that, when they become effective on June 29, 2020, will increase requirements for exports to Russia, China and Venezuela,[1] while also eliminating a license exception that allows for the export of controlled items to certain countries, such as China.[2]
During this interim period, it is imperative that exporters assess how these new rules will impact their operations and develop a strategy to address these new requirements. Making adjustments to your export compliance program now will help facilitate business once these regulations are effective.
[1] 85 Fed. Reg. 23459 (Apr. 28, 2020). [2] 85 Fed. Reg. 23470 (Apr. 28, 2020).
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