Tag Archives: Russia

US and Allies Contemplate Revoking Russias Favored Nation Trade Status

March 12, 2022 By in international trade, Russia, trade law Tags: , , , Leave a comment
the famous saint basil s cathedral in russia
Photo by Дмитрий Трепольский on Pexels.com

Earlier this week, President Biden said the United States and 7 other nations plan to take further action against Russia for their President’s invasion of the Ukraine. The actions would include ending normal trade relations, effectively placing Russia on the same trade status as other nations like Cuba and North Korea.

The US will likely begin next week on formal legislation to implement this shift in US trade policy towards Russia.

Since the invasion of the Ukraine, the US has already, or will take the following actions in trade towards Russia:

  1. Plan to ban imports of Russian seafood and alcohol which totaled $550 million last year;
  2. Biden intends to ban exports from the US to Russia of luxury goods;
  3. US has already stopped purchases of Russian oil and energy products.

However, the US will still depend on Russia for palladium used to make catalytic converters.

If you have any questions about how new US policy towards Russia will impact your business, feel free to contact David Hsu by phone/text at 832-896-6288 or by email at attorney.dave@yahoo.com, DH@GJATradeLaw.com at anytime.

Russia trying to legalise blood diamonds from the CAR.

November 14, 2019 By in Central African Republic, diamond, international trade, Kimberley Process, Moscot, trade law, Uncategorized Tags: , , , , ,

diamond

Photo by Pixabay on Pexels.com

According to the Independent, Moscow claims the international ban is not working and seeks to end an international embargo on diamonds exported from the Central African Republic (CAR) since 2013. At the moment, the CAR is the only country in the world subject to a ban on “blood diamonds”.

The main reason Moscow wants to end the embargo on CAR diamonds is because 90% of the CAR’s diamonds are exported through the black market.

Blood diamonds refers to diamonds mined in a a war zone, and then sold to finance war activity.

Next year, Russia will chair the Kimberley Process, a UN program designed to stop diamond profits flowing to armed militias or used to fund war. Estimates put the Kimberley Process as high as 99.8% successful in stopping the global production of blood diamonds.

If you have any questions about the Kimberley Process and how it will effect your imports of diamonds to the US, contact experienced trade law attorney David Hsu by phone/text at 832-896-6288 or by email at attorney.dave@yahoo.com, dh@gjatradelaw.com.