The European Parliament has adopted a non-binding resolution in the event of Russian troops entering Ukraine. The resolution proposes that imports of oil and gas from Russia to the EU be immediately stopped, that Russia should be excluded from the SWIFT payment system (used for international bank transfers) and that assets in the EU of oligarchs close to the Russian authorities and their families should be frozen in the event of Russian troops entry into…
The EU, as a result of the United States’ failure to bring the Continued Dumping and Subsidy Offset Act (‘CDSOA’) in compliance with its obligations under the World Trade Organization (‘WTO’) agreements, was authorised to impose an additional customs duty on certain products of the United States. In conformity with the WTO authorisation to suspend the application of concessions to the United States, the Commission is to adjust the level of suspension annually to the…
On April 29, 2021, US Customs and Border Protection (CBP) published in the Federal Register a general notice that announces that CBP is modifying the collections process for deferred payments of internal revenue taxes owed on consumption entries of distilled spirits, wines, and beer imported into the United States (other than in bulk containers). The primary modification announced in the notice is the harmonization of the determination of the due date for deferred tax payments…
The UK has issued the Global Anti-Corruption Sanctions Regulations 2021 (the “Regulations“), which came into force on 26 April 2021. These Regulations are designed to ensure that sanctions relating to serious incidents of corruption are enforced. The Regulations will give the government the power to impose asset freezes on designated persons or those dealing with them, with the aim of preventing the UK from being used as a “haven for dirty money.” This is the first time…
Russia introduces restrictions on the activities of foreign auditors Under Decree of the Government of the Russian Federation No. 622 dated 19 April 2021 “On restrictions on the provision of information and documentation to an audit organization, an individual auditor“ (“Decree”), starting from April 29, 2021, a wide list of audited Russian entities will cease to disclose information, that is normally subject to mandatory disclosure requirements, to audit organizations which are owned or controlled by…
On April 26, 2021, the US Trade Representative (USTR) published in the Federal Register a notice that makes a technical amendment to the exclusions that apply to certain products of China covered by the September 24, 2018 action (List or Tranche 3) that were exported from China before May 10, 2019, and entered the United States after May 10, 2019, and before June 15, 2019. The September action imposed additional 10% ad valorem duties on…
On April 23, 2021, US Customs and Border Protection (CBP) published in the Federal Register a general notice that advises the public that the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties will remain the same from the previous quarter. For the calendar quarter beginning April 1, 2021, the interest rates for overpayments will be 2 percent for corporations and 3 percent for…
On April 22, 2021, Office of the Secretary of the Department of Homeland Security (DHS) and US Customs and Border Protection (CBP) published in the Federal Register a notification of continuation of temporary travel restrictions at land ports of entry and ferries between the United States and Mexico from April 22, 2021 to May 21, 2021. For purposes of the temporary alteration in certain designated ports of entry operations authorized under 19 U.S.C. 1318(b)(1)(C) and…
On March 29, 2021, the US Department of Commerce’s Bureau of Industry and Security (BIS) published a final rule (“Final Rule”) implementing changes to the Export Administration Regulations (EAR) that were agreed to at the December 2019 Wassenaar Arrangement Plenary meeting. Specifically, the Final Rule modified the reporting and self-classification requirements for exports of most mass-market encryption items and the email notification requirement for exports of publicly available encryption source code and beta test software. The…
On 19 April 2021, the UK Government announced that the UK and Serbia signed a Partnership, Trade and Cooperation Agreement to ensure £682m trade can continue and grow between the two countries. The announcement said: The Agreement secures continued preferential trade access between the UK and Serbia with significant savings for business to support jobs and the wider economy. It also sets out how the two countries will strengthen political, economic, security and cultural ties,…