Your Sanctions & Export Controls Toolbox
Your Sanctions & Export Controls Toolbox
Important new BIS rule affects European companies!
The U.S. Bureau of Industry and Security (BIS) has issued an important new rule with significant implications for European companies.
This rule imposes additional restrictions on individuals identified under 14 sanctions programs on the Specially Designated National (SDN) lists. The goal is to prevent foreign actors from accessing certain items and funding, thereby increasing overall effectiveness.
Previously, the Export Administration Regulations (EAR) restricted exports, re-exports and in-country transfers with certain individuals and entities on the SDN list. The new rule extends these restrictions to all individuals and entities blocked under 14 Office of Foreign Assets Control (OFAC) sanctions programs.
The 14 sanctions programs include several directives related to Russia, as well as programs addressing terrorism, proliferation of weapons of mass destruction and drug trafficking.
The rule also consolidates existing SDN-related EAR restrictions into one section of Part 744, making it easier to understand and follow. For more details, see the BIS publication: Export Administration Regulations
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Do you need support in the field of export, sanctions policy and are you looking for a compliance project manager or would you like to have a compliance baseline measurement, contact us for the toolbox of support Trade Controls Compliance offers you.
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Your sanctions and export controls toolbox
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