Download the complimentary full report Potential Effects of New US Export Restrictions on China, Russia and Venezuela Trade.
Potential Effects of New US Export Restrictions on China, Russia and Venezuela Trade
The US Department of Commerce, Bureau of Industry and Security (BIS) has recently announced new regulation regarding export compliance with Russia, China and Venezuela . The new rules went into effect on June 29th, 2020 and will subject many products and technologies to new licensing requirements in accordance with military usage and military end-users in the affected countries. Undoubtedly, there will be an impact on the due diligence measures taken by those in the supply chain and trade finance industries when screening for potential military usage as a consequence of this new regulation.
In order to assess these potential dangers in shipments from the United States to China, Russia and Venezuela and outlying countries, IHS Markit has analysed the PIERS database of US export bills of lading and the Global Trade Atlas (GTA) database of world trade. Through studying this data, this paper is able to understand the following:
- Goods Descriptions - the multi-varied ways in which certain goods can be written and documented within a bill of lading and how dangerous phrases and keywords such as a 'steam generator', can sometimes be hidden
- Route - Potential routing that the goods in question have taken when shipped from the USA to China, Russia and Venezuela, referencing the vessels and ports involved, possible stop-over and transshipment waypoints
- Trade History - The frequency of goods covered in the ECCN categories which are exported from the USA to China, Russia, Venezuela and proximate countries
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