This is Queen Street Analytics' weekly digest of regulatory developments, legislative discussions, political announcements and other government-related news coverings foreign affairs and international relations. Once a week, we break down the most important updates in this space in under five minutes.

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Dates: 2026-05-03 to 2026-05-09

📋 In This Week's Newsletter

• 🏛️ This Week's Congressional Calendar
• 🇺🇸 Federal Government News
• 📜 Legislative Updates
• 🗺️ State Government News
• 📚 What We're Reading This Week

This Week's Congressional Calendar

• House Foreign Affairs Subcommittee Hearing on NATO’s Eastern Frontier: The House Foreign Affairs Subcommittee on Europe will hold a hearing, 'Securing NATO’s Eastern Frontier: Assessing the Strategic Landscape in the Baltic Region,' on May 14, 2026 at 2:00 p.m., with testimony from Deputy Assistant Secretary Christopher Smith (State Department).

Federal Government News

DoD Proposes Enhanced Defense Acquisition Regulations for Foreign Ownership and Control

The Department of Defense has issued a proposed rule to amend the Defense Federal Acquisition Regulation Supplement (DFARS) to address risks related to Foreign Ownership, Control, or Influence (FOCI) and the disclosure of beneficial ownership for contractors and subcontractors. Entities with contracts exceeding $5 million will be required to disclose FOCI and beneficial ownership information to the Defense Counterintelligence and Security Agency. Contractors must update their disclosures upon changes and mitigate identified FOCI risks within 90 days of contract award, modification, or option exercise. The rule introduces new DFARS procedures for contracting officers to verify contractor eligibility in the National Industrial Security System. Subcontractors exceeding the $5 million threshold would also be subject to these requirements. Approximately 37,740 entities, including 21,511 small businesses, are affected. Public comments are due by July 6, 2026.

Sources: www.federalregister.gov

OFAC Publishes Updated General Licenses under Russian Sanctions Regulations

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has published four Web General Licenses—55E, 115C, 13P, and 131C—pertaining to the Russian Harmful Foreign Activities Sanctions Regulations. GL 55E authorizes specific transactions related to the Sakhalin-2 project, including crude oil shipments to Japan, effective until June 18, 2026, and involving entities such as Gazprombank. GL 115C covers civil nuclear energy transactions with designated Russian financial institutions through the same date. GL 13P allows for administrative transactions within Russia, such as paying taxes, until April 9, 2026; while GL 131C authorizes negotiations for the sale of Lukoil International GmbH until April 1, 2026. Each license specifies applicable limitations and does not permit transactions with blocked entities unless explicitly authorized.

Sources: www.federalregister.gov

ATF Proposes Update to Proscribed Countries Import Restrictions

The Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) has put forward a rule revision to update the list of proscribed countries for defense imports, aligning it with the Department of State’s schedule in 22 CFR 126.1. The rule would remove the separate ATF list and restrict imports from the Russian Federation, while former Soviet nations would no longer be categorically banned. Import applications from these countries would be evaluated case by case. ATF expects increased opportunities for small U.S. firearms importers, affecting approximately 1,666 Type 08 Federal Firearms License holders, but projects greater competition for some domestic manufacturers. The public comment period is open until July 6, 2026.

Sources: www.federalregister.gov

OFAC Issues Global Terrorism Sanctions General License for Wind‑Down Activities

OFAC has issued General License 34 under the Global Terrorism Sanctions Regulations and the Illicit Drug Trade Sanctions Regulations. The license authorizes wind-down transactions involving Kovay Gardens or majority-held entities through March 21, 2026, provided that payments to blocked persons are deposited into blocked accounts. It does not cover transactions with other blocked entities unless otherwise authorized by OFAC.

Sources: www.federalregister.gov

White House Proclamation: Victory Day for World War II, 2026

President Donald J. Trump issued a proclamation declaring May 8, 2026, as Victory Day for World War II. The statement honors American and Allied sacrifices during the conflict, referencing major operations including Normandy and the Battle of the Bulge, and reaffirms the commitment to a capable armed force to protect U.S. interests and freedom.

Sources: www.whitehouse.gov

Legislative Updates

Bill to Designate Russian Federation as State Sponsor of Terrorism Introduced

Bill 8696 proposes the designation of the Russian Federation as a state sponsor of terrorism. The bill was referred to the House Committee on Foreign Affairs on May 7, 2026.

Sources: www.congress.gov

Bill to Develop Economic Tools to Deter Aggression Against Taiwan

Bill 8693 was introduced to provide new economic measures to deter acts of aggression by the People's Republic of China against Taiwan. The bill is presently before the House Committee on Foreign Affairs.

Sources: www.congress.gov

Act to Impose Sanctions for Cobalt Mining Using Forced or Child Labor

Bill 8681 targets foreign persons employing forced or child labor in the cobalt mining sector abroad. The measure has been referred to the Committees on Foreign Affairs and Judiciary for further consideration.

Sources: www.congress.gov

Sanctions Bill Targeting Recruitment of African Nationals for Ukraine War Introduced

Bill 8718 seeks to impose sanctions on individuals and governments involved in recruiting foreign nationals from African countries to fight in the war in Ukraine. The legislation is pending review by multiple House committees, including Foreign Affairs and Financial Services.

Sources: www.congress.gov

STABLE DRC Act Referred for Committee Review

Bill 8704, known as the STABLE DRC Act, was brought before the House on May 7, 2026, and now awaits consideration by the Committees on Foreign Affairs and Judiciary.

Sources: www.congress.gov

State Government News

Indiana Enacts Strict Foreign Agent Registration and Land Ownership Laws

Indiana implemented Senate Enrolled Act 256, requiring foreign agents to register with the Attorney General and banning land ownership by companies from adversarial nations effective immediately.

Sources: www.indianasenaterepublicans.com

Florida Governor Signs Law to Counter Foreign Interference

Governor Ron DeSantis signed HB 905, the Foreign Interference Restriction and Enforcement Act, which enacts new restrictions and penalties targeting foreign adversaries and organizations in Florida.

Sources: www.flgov.com

Indiana Bans Sale of Certain Foreign-Made Vaping Products

Indiana Governor Braun signed Senate Enrolled Act 185, banning vaping products manufactured in foreign adversary nations, including China, from being sold in the state.

Sources: www.indianasenaterepublicans.com

What We're Reading This Week

• Ukraine-Russia three-day ceasefire, UK elections, Virginia redistricting upset: Reuters reports on a temporary ceasefire between Ukraine and Russia, potential impacts on regional diplomacy, and domestic U.S. political developments.
• US-backed pipeline proposal targets global reliance on Strait of Hormuz amid Iran threats: Fox News details U.S.-supported plans to decrease global energy dependence on the Strait of Hormuz due to ongoing tensions with Iran.
• Britain’s antisemitism crisis could trigger legal reckoning at home and abroad: Fox News examines legal and diplomatic implications of the U.K.'s response to rising antisemitism.
• Opinion | This Is What Happened After We Gutted U.S.A.I.D.: The New York Times opinion article discusses foreign aid reductions and the observed aftermath on global development projects.

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