After much anticipation, there have been major developments in the U.S. regulation and enforcement of matters impacting national security, economic sanctions, and export controls, and the U.S. government is poised to make further changes in the coming months:
“Snap Back” of Iran Sanctions
On August 6, President Trump signed an executive order to re-impose sweeping sanctions on Iran. Among other results, these “snap back” sanctions cover those doing business in Singapore and throughout the region and other non-U.S. parties that engage in business with Iran. In a tweet, President Trump noted his aggressive intentions for the sanctions: “Anyone doing business with Iran will NOT be doing business with the United States.” The first phase of the snap back began on August 7 and the second, and most impactful, phase will begin on November 5.
Russia Sanctions Developments
The U.S. Treasury is expected to act by mid-November, shortly after the U.S. Congressional elections, on sanctions measures currently impacting worldwide aluminum markets, and the U.S. Congress is continuing to debate multiple sanctions bills targeting Russia that would significantly impact global trade with Russia. John Smith will explain these developments and their significance for those doing business in Singapore and throughout the region, and offer guidance on how to successfully navigate the changed U.S. legal, regulatory, and political framework in pursuing their global business objectives, including transactions in the U.S.”