The European Parliament's Internal Market and International Trade committees adopted a draft regulation that would provide a framework for investigating the use of forced labor in global supply chains and bans all goods using forced labor, the parliament announced. If the investigation of a company reveals the use of forced labor, the European Parliament said, "all import and export of the related goods would be halted at the EU's borders and companies would also have to withdraw goods that have already reached the EU market." Goods that had reached the market would be "donated, recycled or destroyed."

The German government is establishing a new agency to combat "internationally organized financial crime," dubbed the Federal Office to Combat Financial Crime, according to an unofficial translation. The agency will be an amalgamation of various different agencies' expertise, including analysis from the Financial Intelligence Unit, criminal investigations and supervision. The agency is expected to be established in 2024 and operational in 2025. The mandate of the agency will be to crack down on illegal financial flows via money laundering and sanctions evasion.

The European Parliament on Oct. 17 adopted new fisheries control rules requiring all EU fishing vessels to be monitored and their catches to be electronically reported. The measures are meant to establish "full traceability" under the EU's new fisheries control system and were adopted on a 438-146 vote, with 40 abstentions.

The U.K.'s Office of Financial Sanctions Implementation on Oct. 13 expanded its general sanctions license covering payments to utility companies for gas and electricity by sanctioned parties who own or rent in the U.K. Originally set to expire on Oct. 16, the license no longer has an expiry date, the agency said. Additionally, the agency amended the license to allow a person to make permitted payments for or on behalf of a designated party.

A U.K. appeals court last week granted an injunction blocking a Gazprom subsidiary from suing its lenders in a Russian court over an abandoned gas project. The England and Wales Court of Appeal said it was the proper place to bring RusChemAlliance's claim against Germany-based Deutsche Bank, adding that there was no good reason not to impose the injunction.

The EU's top trade official, Valdis Dombrovskis, said EU and U.S. negotiators haven't given up on their Oct. 31 deadline to address both non-market overcapacity in steel and aluminum and ways to privilege trade in cleaner metals.

Fifteen trade groups in the U.S. and the EU, led by a German machinery manufacturing organization, are asking the EU and the U.S. to settle their differences over American tariffs on steel and aluminum, and if they cannot by the end of the year, "at the very least, ensure that tariffs will not be reimposed if an agreement is not reached by the January 2024 deadline, even if this means that the deadline is extended." Technically, the two sides gave themselves an Oct. 31, 2023, deadline, but said that even if a deal was not reached by then, tariffs could not return until January 2024.

A group of European countries not in the EU aligned with a recent EU sanctions decision on those who undermine Ukraine's sovereignty, the European Council announced. On Sept. 14, the council renewed for six months, until March 15, the sanctions regime. North Macedonia, Montenegro, Albania, Bosnia and Herzegovina, Iceland, Liechtenstein and Norway also imposed the decision, the council said.

Switzerland added five Russian companies to its sanctions list to align with the EU's decision to add the entities in September, the State Secretariat for Economic Affairs announced, according to an unofficial translation. The five companies -- RT Balkan, Oriental Review, New Eastern Outlook, Katehon and Tsargrad -- are Russian broadcasters.

The European Council on Oct. 9 extended its sanctions regime on Nicaragua until Oct. 15, 2024. The restrictions apply to 21 people and three entities involved either in "serious human rights violations or abuses," the repression of civil society or in actions that undermine democracy and the rule of law in the Central American nation.