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US Plans to Boost Penalty on Russia, China Export Violations (2)

May 17, 2022, 7:46 AM

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 ...