STEPTOE: OUTSIDE COUNSEL On 8 May 2022, President Biden issued a fact sheet entitled “United States and G7 Partners Impose Severe Costs for Putin’s War Against Ukraine”. Effective 9 May, the US Department of Commerce’s Bureau of Industry and Security (“BIS”) published a new rule (“New Rule”) expanding US export controls under Section 746.5 of the Export Administration Regulations (“EAR”). These new export controls apply to items intended for the Russian industrial sector. Previously, Section 746...
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