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In addition to the recent, highly publicized regulatory actions due to the conflict in Ukraine, the United States government has been steadily turning up the heat on sanctions and export controls targeting Russia for years.

This week, Financier Worldwide Magazine released their 2022 Sanction Compliance and Enforcement RoundTable report in their March issue. David Johnson, who leads V&E’s Government Contracts, and Export Controls and Economic Sanctions practices, contributed as a panelist in the conversation, which highlights the most pressing sanctions-related issues and enforcement activity in international trade in the past year.

On October 5, 2021, the Bureau of Industry and Security (“BIS”) issued a final rule formally expanding its controls over the export of biotechnology software.

On February 18, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced a half-million dollar settlement with BitPay, Inc. (“BitPay”), a U.S. company that processes digital currency transactions, for apparent sanctions violations involving buyers located in embargoed jurisdictions.