For a virtual panel discussion on March 23, Bass, Berry & Sims attorney Thad McBride shared insight on issues facing in-house counsel relating to the increasing trade restrictions stemming from Russia’s invasion of Ukraine.
While sanctions and export controls have largely focused on Russia to date, companies should also prepare for the possibility of U.S. sanctions against China. Thad noted that the U.S. has already put in place “broad authority to start imposing sanctions” against China, and could introduce sanctions and other restrictions to dissuade China from supporting Russia.
“Most business with China is still permissible under U.S. sanctions, and the number of sanctioned [Chinese] parties is quite small, but the authority is very broad,” Thad said. “So it would not take enormous action legislatively, procedurally, from the U.S. government to start putting significant sanctions in place against Chinese parties that are deemed to be supporting Russia.”
A full summary of the panel discussion, which was moderated by Corporate Counsel’s editor-in-chief, Heather Nevitt, is available in the article “Sanctions Experts Offer Compliance Tips for In-House Counsel Amid Ukraine Invasion” published on March 23 and available online (subscription required). To view the webinar, Corporate Counsel subscribers may click here.
Thad’s comments regarding possible additional sanctions against China were also included in the article “Sanctions Flurry Keeps National Security Lawyers on Edge,” published by Corporate Counsel on April 14 and available online (subscription required).