In This Week's Issue

Outbound Investment Screening Momentum Builds

A bipartisan group of lawmakers has finalized a revised version of the National Critical Capabilities Defense Act of 2022 (NCCDA). Building on similar provisions in the America COMPETES Act, NCCDA seeks to establish a regulatory regime to screen outbound investments by American individuals and firms to “countries of concern”.

Supreme Court Limits Discovery to Courts, Arbitrators Left Out

In a decision significant for transnational dispute resolution process, the Court interpreted 28 U.S. Code (Section 1782) to hold that district courts can order production of evidence “for use in a foreign or international tribunal” only in cases where the arbitral body is “imbued with governmental authority”.

DFC Commits $300MM to Three Seas Private Equity Fund

U.S. International Development Finance Corporation (DFC) will provide up to $300 million of financing to support energy and infrastructure investments that “enhance energy security, facilitate energy diversification, and improve connectivity in the Three Seas region,” according to a DFC announcement

UK Builds Post-Brexit Bilaterals, Hoosier Pact

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Eager to build and strengthen trade relations outside continental Europe in a post- Brexit world, the United Kingdom has announced that it has started talks on a Free Trade Agreement (FTA) with six Gulf countries including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.

Europe & US Evolve Environmental Regulations

The European Union has announced that it intends to pursue commitments on labor rights and climate change in trade deals with increased scrutiny. Warning businesses and partner countries that do not measure up to the letter and intent of its trade deal obligations, the EU has threatened to deploy sanctions “as a last resort”.

Consolidated Guide to EU Sanctions

The European Commission has published a comprehensive guide to the sanctions imposed over the past four months in response to the Russian invasion of Ukraine. The 207-page document provides definitive answers to practitioners’ questions, from the general (what is the rationale behind the sanctions?), to the specific (is an extension of a contract considered an “ancilliary contract”?

Thermo Fisher’s Russia Distributor Charged

The New Hampshire-based, Russian distributor for the world’s largest manufacturer of analytical instruments has been charged with regards to equipment it shipped to Russia and Ukraine from 2016 to 2019.

Northrop Engineer Pleads Guilty to Spying for China

A retired U.S. Army helicopter pilot-turned-civilian-contractor pleaded guilty in federal court to acting as an unregistered agent of China and providing aviation-related information from his defense- contractor employers. 

Monaco: Sanctions are “The New FCPA”

Deputy Attorney General Lisa Monaco shared her thoughts on sanctions enforcement to the GIR Live / Women in Investigations conference held June 16 in London.

Kendler: Use the License Exception STA

In a presentation to the American Association of Exporters and Importers Annual Conference June 15, Assistant Secretary for Export Administration Thea Rozman Kendler encouraged the adoption of streamlined processes offered by Commerce.