What Every Multinational Should Know About . . . U.S. Export Controls & Economic Sanctions

Both the Biden and the Trump administrations have been expanding U.S. export controls (particularly regarding China) and promulgating new and comprehensive economic sanctions. To reflect the increasing risks of these international regulatory regimes, this article is the first in a series that will explore key export control and economic sanctions issues that arise for multinational companies. In today's globalized economy, with heightened geopolitical tensions, every company should operate with a working understanding of these frameworks. Even corporations that do not traditionally "export" products can find themselves subject to these rules, which may apply to domestic as well as international transactions. Awareness and education are the foundation of compliance — and the costs of missteps can be severe.