Good morning. The U.S. Commerce Department is continuing to dial up its warnings about violating rules against the export of sensitive technologies to foreign adversaries, reports Risk & Compliance Journal's Dylan Tokar, amid findings that U.S. components have found their way to Russia’s military and to battlefields in Ukraine.

• New measures: Matthew Axelrod, assistant secretary for export enforcement, on Thursday said Commerce’s Bureau of Industry and Security was taking additional steps to address the problem, including by sending trade data to the companies that manufacture technology that has been found in drones and missiles supplied to Russia.
   
• Flagging suspect entities: The Commerce Department sent letters to more than 20 companies last year, and it recently went a step further by providing them with a list of more than 600 foreign parties that appear to have continued to sell restricted parts to Russia, Axelrod said in a speech in Washington on Thursday.
   
• Increasing export control role for BIS: The Commerce Department unit which oversees lists of restricted technology and reviews applications for their export has seen its powers come into greater focus amid Russia’s war in Ukraine and the U.S.’s increasingly adversarial stance on China.
   
• The challenges: Enforcing the export rules and economic sanctions that seek to punish Russian President Vladimir Putin and keep sensitive technology out of Russia and Chinese hands has proven tricky. Russia in many cases has managed to work around the measures.

Also see: Russia Blocks Extension of North Korea Sanctions Monitoring

FTX founder Sam Bankman-Fried sentenced to 25 years.

FTX founder Sam Bankman-Fried was sentenced Thursday to 25 years in prison for what prosecutors called one of the largest financial frauds in U.S. history, capping the onetime crypto king’s meteoric rise and fall.

Recidivism concerns. U.S. District Judge Lewis Kaplan said that in determining the sentence he weighed the brazenness of Bankman-Fried’s actions, his lack of remorse and the possibility he’d commit future crimes. “There is a risk that this man will be in a position to do something very bad in the future,” Kaplan said. “And it’s not a trivial risk at all.”

Past prominence. Bankman-Fried was a prominent voice for bringing greater regulation to crypto and vowed to use his wealth to benefit society. FTX’s shocking downfall hardened the attitudes of politicians in Washington toward crypto and contributed to a lengthy slump in the price of bitcoin and other digital currencies.

• What Sam Bankman-Fried’s Long Stretch in Prison Might Look Like
• Life After FTX: Bankman-Fried’s Employees Struggle to Move On

Trafigura to pay $127 million to settle U.S. bribery charges.

Swiss commodity trading company Trafigura has settled U.S. charges that it bribed Brazilian officials to secure business with the country’s state-owned oil company.

Trafigura pleaded guilty in Miami federal court to one count of conspiring to violate the antibribery provisions of the Foreign Corrupt Practices Act and agreed to pay nearly $127 million.

• Ericsson said a U.S.-imposed compliance monitor has certified that its anticorruption program is working, a crucial step for the telecommunications company to emerge from the close Justice Department scrutiny it has been under since it admitted to bribery in 2019.
   
• The first shot in the legal fight over who will pay for the damage and loss from the collapse of the Francis Scott Key Bridge will likely occur in the next few days in a Baltimore courtroom, insurance academics said.

China’s role in EVs is splitting the global auto market.

The rise of electric vehicles is dividing the global auto market into two: one that welcomes China-made cars, and the other that effectively rejects them.

Geopolitics is reshaping the car industry, driving carmakers to update their strategies for where they make and sell cars.

Gasoline prices are rising faster than usual this year.

Prices at the pump typically rise in the first half of the year as more Americans get back on the road and refiners transition to less-polluting summer blends. But costs in 2024 have ramped up faster than normal, thanks largely to severe weather at home and geopolitical disruptions abroad.

The uptick has helped make inflation stickier than expected in the first quarter and weighed on Americans’ outlook on a largely robust U.S. economy

• The U.K. economy sank into a recession in the final six months of 2023, marking it out as one of the weakest performers among developed nations, hit by high inflation and interest rates that stifled household spending, official data confirmed Thursday. Canada’s economy, however, made a solid start to the new year with growth in the first two months tracking well ahead of the Bank of Canada’s forecast.
   
• China will lift tariffs on imports of Australian wine after more than three years, marking steadily warming ties between the countries.
   
• The arrest of an Indian opposition leader is drawing U.S. scrutiny.

• The shutdown of a major trade corridor through Baltimore following this week’s deadly bridge collapse has ocean carriers and importers scrambling to contain the business fallout.
   
• Consumers continue spending on experiences, defying the expectations of many and leaving finance chiefs to wonder where shoppers will spend their money.
   
• Bitcoin’s recent rise has meant startups are having an easier time tapping venture firms that were previously on the fence about deals.
   
• More private-equity firms have jumped into the carbon-credit market, where skeptics abound but new SEC rules are expected to bring greater transparency and reliability.

• A string of high-profile investigations across major sports leagues has brought out the darker side of America’s bet on sports gambling.
   
• The cost of the Francis Scott Key Bridge collapse can’t be measured in dollars alone.
   
• UBS gave Chief Executive Sergio Ermotti a $13.6 million bonus, hailing his "excellent performance in a defining year" for Switzerland’s largest bank by assets.
   
• President Biden took the stage at a high-powered fundraiser Thursday night in New York City alongside two former Democratic presidents, Bill Clinton and Barack Obama, with the three men suggesting both democracy and basic freedoms were on the ballot in 2024.

Follow us on X at @WSJRisk. Follow Risk & Compliance editor David Smagalla @DSmagalla_DJ and reporters Mengqi Sun @_MengqiSun, Dylan Tokar @dgtokar and Richard Vanderford @VanderfordRich.

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