US Plans to Boost Penalty on Russia, China Export Violations

[Yo_Mama_Been_Loggin]

(Bloomberg) -- The US plans to increase the penalties for companies violating rules that limit export of products that threaten national security, an effort recently focused on countries including Russia and China, according to a top Biden administration official.

Likely potential changes include higher fines for firms that break the rules, earlier public disclosure of accusations of violations and more recognition of wrongdoing when companies settle their cases short of trial. The strategy was outlined on Monday in a speech by Matthew S. Axelrod, assistant secretary for export enforcement at the Bureau of Industry and Security, which is a Department of Commerce agency.

The envisioned increase in costs for rule-breakers comes as export controls play an ever-greater role in US policy following President Vladimir Putin’s invasion of Ukraine. Washington spent months ahead of the war working with allies across the globe to agree on rules to deny Russia the technology and inputs needed for its military.

The Biden administration also is using export controls put in place under its predecessor to limit cutting-edge tech exports to China, its top geopolitical rival, to keep them from being used by the military or for surveillance and human rights abuses.

https://www.msn.com/en-us/money/markets/us-plans-to-boost-penalty-on-russia-china-export-violations/ar-AAXlhHn

[Budi]

1. Bravo, President Biden.

Excellent decision.

Biden administration also is using export controls put in place under its predecessor to limit cutting-edge tech exports to China, its top geopolitical rival, to keep them from being used by the military or for surveillance and human rights abuses.