The U.K.'s $400,000 fine in July of a British management services firm for violating Russia sanctions (see 2507310042) shows that merely having a sanctions compliance program may not be enough to mitigate a fine, Steptoe said in a client alert.
The European Commission this month updated its sanctions guidance on banned Russian diamonds, including sections related to tracing diamond imports, required certifications and verifications, resources for importers and more.
Germany is halting certain exports of military equipment to Israel out of concern that German weapons may be used against civilians in Gaza, Chancellor Friedrich Merz announced Aug. 8.
The European Commission on Aug. 6 imposed antidumping duties on decor paper from China. The duties range from 26.4% to 26.9% and are being imposed after an investigation showed decor paper from China injures the EU industry. Decor paper is "used as a coating in the production of furniture and more broadly in the interior design, construction and renovation industries," the commission said.
The EU on Aug. 5 published a document to officially suspend the retaliatory tariffs it was set to impose on the U.S. on Aug. 7 (see 2507250007) if the two sides hadn’t come to a trade agreement. The U.S. and the EU announced a trade deal last last month (see 2507280027 and 2507280032), and suspending its retaliatory duties will help “ensure effective implementation of the political agreement,” the European Commission said in a document posted to the Official Journal of the EU. “The Commission should keep the suspension under review in light of further developments in the trade relations with the United States, and may take further actions.”
Switzerland's government said it will continue negotiations in the hopes of avoiding 39% U.S. tariffs that begin Aug. 8, which it says will apply to 60% of its exports. Pharmaceuticals, a major product from Switzerland, are not subject to reciprocal tariffs.
The U.K. this week revised its Russia-related sanctions evasion guidance to update its list of countries and items that pose high risk of sanctions circumvention.
The U.K. on July 31 published new antidumping and countervailing duty rates for Chinese bus and truck tire exporters, with Chongqing Hankook Tire and Jiangsu Hankook Tire, known as the Hankook Group, having rates apply from Jan. 1, 2021, to Oct. 22, 2028. The Hankook Group will be assessed 6.55% AD rates and zero percent CVD rates for this period. The rates for all other Chinese exporters will be 45.71% AD and 64.41% CVD.
The U.K.'s Office of Financial Sanctions Implementation this week fined Markom Management Limited 300,000 pounds (about $400,000) for violating sanctions against Russia.
The EU and Moldova struck a deal to update the terms of the EU-Moldova Deep and Comprehensive Free Trade Area, the European Commission announced.