The European Parliament and Council have reached a provisional political agreement to permanently end all imports of Russian natural gas into the EU on an accelerated timetable. The deal brings forward key deadlines for LNG and pipeline gas, tightens limits on contract amendments, enhances anti-circumvention and origin-tracking rules, and strengthens enforcement with significant penalties. Member
Regulation to phase out Russian gas imports backed by EU Council
Following the EU’s existing embargo on Russian crude oil and petroleum products, the European Commission has proposed, and the Council has now agreed in principle, a complementary Regulation designed to end the remaining inflows of Russian natural gas into the Union. The measure gives legal effect to the Commission’s May 2025 Roadmap towards ending Russian
Navigating international trade: why developing a global customs valuation policy is a must for luxury brands
The distinctive features that set a luxury brand’s products apart aren’t created only on the factory floor. For example, a company’s sketches from Paris, R&D in Milan, and artisanal prototypes perfected in Tokyo all flow into the production line. These upstream inputs (known as assists) must be carefully managed to avoid issues when the final
DOJ dedicates significant resources to priority of investigating and prosecuting tariff evasion
The Department of Justice (DOJ) is reshaping the Criminal Division’s white-collar program to focus on tariff and trade fraud. In the past months, DOJ has significantly narrowed the scope of Foreign Corrupt Practices Act enforcement. Now, DOJ is dedicating significant additional resources and attention to tariff evasion. On July 10, acting Assistant Attorney General of
False Claims Act: 2024 enforcement trends and what to expect in 2025
In 2024, the Department of Justice saw a record number of qui tam actions under the False Claims Act (FCA), with total settlements and judgments exceeding $2.9 billion. Throughout this next year, we expect to see this uptick in enforcement continue, especially in light of the Trump administration’s crackdown on diversity, equity, and inclusion policies
Key investigations and enforcement trends for 2025
With U.S. President Donald Trump’s recent return to the White House, major regulatory changes are on the horizon for 2025. On Thursday, January 23rd, we gathered a group of regulatory attorneys from across Reed Smith to provide a one-hour CLE that outlined the key trends to watch for this year. In their latest
U.S. and UK Intensify Sanctions Against Russia’s Oil Sector in one of the Largest Rounds of Designations Since the Outbreak of the War
On January 10, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a sweeping set of actions to further reduce Russian revenues from energy, including blocking two major Russian oil producers, Gazprom Neft and Surgutneftegas, and imposing sanctions on a very significant number of oil-carrying vessels, opaque traders of Russian oil located in jurisdictions like Hong Kong and the UAE, Russia-based oilfield service providers, and Russian energy officials. The U.S. Department of State also took steps to block two active liquefied natural gas projects, a large Russian oil project, and third-country entities supporting Russia’s energy exports. Lastly, the United Kingdom also joined the U.S. in sanctioning Gazprom Neft and Surgutneftegas – which, coupled with the joint Memorandum of Understanding issued by OFAC and OFSI on January 13, is a testament to the increased cooperation between the U.S. and UK authorities. Although there are wind-downs in place for most of these entities, this round of designations is likely to cause major disruptions in the market. We summarize the new restrictions in turn below:Continue Reading U.S. and UK Intensify Sanctions Against Russia’s Oil Sector in one of the Largest Rounds of Designations Since the Outbreak of the War
Gone with the Assad
The sudden collapse of the Assad regime in Syria has led to a rapidly evolving sanctions landscape. Notably, on January 6, 2025, the United States relaxed sanctions on certain transactions with Syria when the Office of Foreign Assets Control (OFAC) issued Syria General License 24 (GL 24), “Authorizing Transactions with Governing
Emerging money laundering risks in the UK’s clothing and retail sectors
A UK Court of Appeal decision in June 2024 has heightened the UK’s focus on the potential for money laundering offences within global supply chains. There is now a greater risk that UK law enforcement may recover assets from companies that fail to perform adequate due diligence on their supply chain, even if adequate consideration
Webinar on Sanction Strategies: Insights on India, China and the Middle East
On Tuesday 23rd July, energy and natural resources partners Sachin Kerur and James Willn, along with international trade partner Leigh Hansson, hosted the highly anticipated webinar “Sanction Strategies: Focus on India, China, and the Middle East.” During this insightful session, the team delved into the latest sanctions decisions, explored the implications for companies in these