On May 2, 2024, the Ministry of Trade of Türkiye announced on its official Twitter account that Türkiye implements complete export and import restriction against Israel effective immediately. This decision was made following the export restriction imposed on April 9, 2024 by Türkiye against Israel targeting 54 product groups, such as electric panels, aluminum wires, cement, sulfur, ceramics, marble, varnishes, and mineral fertilizers. The announcement of the Ministry of Trade can be reviewed on the official X account The introduction of these restrictions against Israel marks the first-ev ..read more

On April 25, 2024, the Government of Canada announced further amendments to the Special Economic Measures (Iran) Regulations (the “Regulations”). These amendments list an additional two individuals and two entities in Schedule 1 of the Regulations. On April 14, 2024, Iran’s Islamic Revolutionary Guard Corps and Iranian proxies launched drones and missiles into Israel, Iran’s first-ever direct attack on Israel. The newly listed individuals and entities are associated with this attack and include: Major General Gholam Ali Rashid, Commander of the Khatam al-Anbiya Central Headquarters, Brigadier ..read more

On April 18, 2024, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) and the UK’s Foreign, Commonwealth & Development Office (“FCDO”) announced a coordinated sanctions package targeting Iran. In the US, OFAC added 16 individuals and 10 entities to the Specially Designated Nationals and Blocked Persons List (“SDN List”) and the US Commerce Department’s Bureau of Industry and Security (“BIS”) also expanded the scope of Foreign Direct Product (“FDP”) rules for foreign-produced items destined for Russia, Belarus, Crimea, and Iran under the US Export Administration Regulati ..read more

Recently, there have been moves to expand restrictions on companies transferring advanced technology abroad. In connection with this trend, the Ministry of Economy, Trade and Industry (“METI”) is expected to promulgate regulations requiring companies to report technology transfers to it in advance in areas where Japan has an advantage that other countries are interested in matching. The purpose of this regulation is to prevent the military utilization or leakage of advanced Japanese technology. The Japanese government currently compiles a list of goods and technologies with a high potential fo ..read more

To offer a consolidated faculty of speakers across the globe that will deliver cutting-edge insights and guidance virtually on key global compliance, investigations and ethics trends, our Annual Mid-Year Trade Compliance sessions are now part of our Annual Compliance Conference that will be taking place virtually from 30 April – 6 June this year (with a vacation break during the week commencing 27 May).   With 14 virtual sessions across five weeks, we want to bring to our clients insights and analysis on significant developments across the latest international trade and corporate complian ..read more

The US Commerce Department’s Bureau of Industry and Security (“BIS”) announced that it is issuing a new License Exception MED that in many cases will eliminate BIS licensing requirements for EAR99 medical devices shipped to and within Russia, Belarus, Crimea, Donetsk People’s Republic (“DNR”), and Luhansk People’s Republic (“LNR”). License Exception MED will go into effect on Monday, April 29. License Exception MED will authorize the export, reexport, and in-country transfer of EAR99 medical devices and parts, components, accessories, and attachments that are “exclusively” for use in or with s ..read more

On April 24, 2024, President Biden signed into law a national security package (H.R. 815) that includes the 21st Century Peace through Strength Act, the fourth pillar of a broader foreign aid package to assist Israel, Ukraine, and the Indo-Pacific. The law contains policy provisions under which (i) the statute of limitations for US sanctions violations would be doubled; (ii) frozen Russian state-owned assets could be seized and used to support Ukraine, (iii) additional sanctions would be imposed on Russia, Iran, and Hamas; (iv) TikTok’s Chinese owner would have to divest the video-sharing app ..read more

We are excited to launch Nearshoring Quick Chats, a collection of short conversations to guide you through the opportunities and challenges of nearshoring in Mexico. Our lawyers will discuss the main implications and challenges in the legal sphere around this trend, brought around by the ongoing geopolitical events. Many of our clients look to expand or move supply chain operations to more economical jurisdictions (while staying close to critical markets). For companies that focus on the North American market, this trend is hot in Mexico given its proximity to the United States. In our in ..read more

In an era where regulatory compliance is under intense scrutiny, the importance of a well-orchestrated response to trade and sanctions investigations cannot be overstated.  An investigation may involve transactions occurring in multiple jurisdictions, laws of separate jurisdictions, and inquiries from (or disclosures to) multiple governmental authorities. Investigations may begin through an internal whistleblower or other internal discovery, which grants the company more discretion in directing the tempo and scope of the investigation.  In other instances, investigations may be promp ..read more

Please join Baker McKenzie and ACC Minnesota at Hewing Hotel on Wednesday, May 1st to hear from the international speakers, bringing perspective from the US, EMEA, Asia and LATAM. Focusing on the evolving global geopolitical landscape, they will discuss the legal and compliance considerations that play an increasingly central role in mitigating against geopolitical risks and informing critical business decisions. Click here for additional information about this program for in-house counsel and to register. The post In-Person Event in Minnesota: Strategies for Navigating Geopolitical Risk ..read more