2022: A Review Of Foreign Sanctions And Export Control Developments Involving China

In the world of sanctions compliance, the main focus of 2022 was the Russia-Ukraine war. G7 policy makers continue demonstrating a strong commitment to cooperation. The set-up of the Russian Elites, Proxies, and Oligarchs ("REPO") Task Force and the OFSI-OFAC enhanced partnership last year are good examples of this multilateral cooperation. Since the war outbreak, new sanctions measures have been introduced at an unprecedentedly rapid pace. Businesses and governments are still adapting to the changes resulting from the sanctions measures – including energy shortages, and rising commodity prices, to name just two.

Turning our eyes to China, the sanctions and export control activities in 2022 continued the regulatory trends we had seen in the previous year.