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European Union › Economic Sanctions

The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of... more +
The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -
Baker Botts L.L.P.

UK Supreme Court Confirms Power to Issue Anti-Suit Injunction in Support of Foreign-Seated Arbitrations and Clarifies Enka Test...

Baker Botts L.L.P. on

In its recent judgment in UniCredit Bank GmbH v RusChemAlliance LLC [2024] UKSC 30, arising out of a dispute between a Russian energy developer and a German bank concerning the effect of EU sanctions on Russia, the UK Supreme...more

Proskauer - Regulatory & Compliance

Sanctions Considerations for Private Equity Firms – a few practical tips

Proskauer - Regulatory & Compliance on

Private equity firms could face significant sanctions risks when doing business with entities connected to sanctioned jurisdictions (such as Russia)...more

Hogan Lovells

New EU Sanctions against Russia's destabilising activities - Regulation 2024/2642

Hogan Lovells on

On 10 October 2024, the new EU sanctions framework against Russia will come into force. Council Regulation (EU) 2024/2642 introduces new restrictive measures against Russia in response to its destabilising activities against...more

McDermott Will & Emery

Quarterly Sanctions Update | Q3 2024

McDermott Will & Emery on

Although the European Union and the United Kingdom did not introduce new sanctions against Russia over the summer, they extensively focused on the implementation of the existing measures and their enforcement. This week,...more

Flaster Greenberg PC

Putin Faces Risks His Energy Holdings Cannot Prevent?

Flaster Greenberg PC on

As the Ukraine war progresses toward its third winter, Russian President Vladimir Putin finds himself besieged on numerous fronts. During the first 30 months of this conflict, Putin used his vast energy resources to hedge...more

Skadden, Arps, Slate, Meagher & Flom LLP

OFSI Issues First Monetary Penalty for Breach of Sanctions Imposed on Russia in Response to Its Invasion of Ukraine

Skadden, Arps, Slate, Meagher & Flom LLP on

On 27 September 2024, the UK’s financial sanctions regulator, the Office of Financial Sanctions Implementation (OFSI), announced that it had issued its first monetary penalty for a breach of UK financial sanctions imposed...more

Mayer Brown

Russia/Ukraine Sanctions Update - Month of September

Mayer Brown on

I.  US SANCTIONS - U.S. Department of the Treasury Acts Against Russian Virtual Currency Exchanges: On September 26, the U.S. Department of the Treasury announced that its Financial Crimes Enforcement Network issued an...more

Ankura

Russian Sanctions Circumvention: Are You Asleep At The Wheel?

Ankura on

In the wake of Russia's invasion of Ukraine in February 2022, a broad and unprecedented range of sanctions were imposed on Russia by various countries and international bodies to target the Russian economy and prevent further...more

American Conference Institute (ACI)

Developments in Global Sanctions Compliance with a Focus on Russia, Belarus and China

American Conference Institute (ACI) on

Sanctions imposed by the United States, the United Kingdom, and the European Union against Russia, China, and other parts of the world are fast-evolving. Such geopolitical shifts are creating new risks and placing further...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Secondary Sanctions? The UK Broadens Its Designation Criteria To Target Foreign Persons With Exposure to the Russian Government...

Skadden, Arps, Slate, Meagher & Flom LLP on

On 31 July 2024, the UK government broadened its Russian sanctions regime, giving the government express power to impose sanctions on persons who provide financial services, or make available funds, economic resources, goods...more

Akin Gump Strauss Hauer & Feld LLP

US Presidential Elections 2024—What is at Stake for Swiss Companies and Investors?

Akin Gump Strauss Hauer & Feld LLP on

The November U.S. Presidential electoral campaign is in full swing. Since President Joe Biden ended his reelection bid and Vice President Kamala Harris secured the Democratic Party nomination, polls now show a tight race...more

A&O Shearman

UK Office of Financial Sanctions Implementation Annual Frozen Asset Review

A&O Shearman on

The Office of Financial Sanctions Implementation has published a financial sanctions notice reminding firms of their annual frozen assets reporting requirement. Every year HM Treasury carries out a review to update its...more

Skadden, Arps, Slate, Meagher & Flom LLP

EU Updates Sanctions Best Practices, Clarifying Ownership Threshold for Asset Freeze Restrictions

Skadden, Arps, Slate, Meagher & Flom LLP on

The Council of the European Union (Council) has updated its EU Best Practices for the Effective Implementation of Restrictive Measures. Published on 3 July 2024, the new version clarifies the threshold for the ownership test...more

Mayer Brown

Russia/Ukraine Sanctions Update - Month of August

Mayer Brown on

US SANCTIONS - US Department of the Treasury Takes Further Action against Russia’s International Supply Chains: On August 23, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the US...more

Flaster Greenberg PC

Russia Uses Fertilizer Exports To Evade Natural Gas Sanctions

Flaster Greenberg PC on

After Russia invaded Ukraine in February 2022, Western countries enacted a series of embargoes against Russian goods and raw materials, including natural gas and oil, that many did not think possible or implementable given...more

K&L Gates LLP

EU and UK Sanctions Briefing: The Luxury Goods Sector

K&L Gates LLP on

The Impact of the EU and UK Russian Sanctions Regime on the Luxury Goods Sector - As the EU and UK Russian sanctions regimes continue to evolve, export controls are now affecting industries previously not often subject to...more

Latham & Watkins LLP

EU Introduces “Best Efforts” Requirement for Non-EU Subsidiaries Not to Undermine EU Sanctions Against Russia

Latham & Watkins LLP on

The EU’s 14th “package” of sanctions against Russia introduces anti-circumvention measures targeting the non-EU subsidiaries of EU entities and creates new restrictions, including on LNG. This Client Alert is published in...more

Jones Day

EU Targets Foreign Subsidiaries in New Sanctions Packages

Jones Day on

The European Union's latest sanctions packages in relation to Russia and Belarus impose novel obligations on EU companies with respect to their foreign subsidiaries' operations....more

The Volkov Law Group

EU Revises Restrictive Measure “Best Practices” to Account for Adoption of OFAC 50% Rule Equivalent

The Volkov Law Group on

On July 3, 2024, the Council of the European Union (“EU Council”) officially promulgated a new set of best practices (“best practices” or “guidance”) for organizations seeking to comply with the latest sanctions regulations...more

K&L Gates LLP

Brussels Regulatory Brief: June 2024

K&L Gates LLP on

Antitrust and Competition - The European Commission to Take Action to Address Territorial Supply Constraints - On 24 May 2024, the EU Commissioner for Competition, Margrethe Vestager, announced that the European Commission...more

Skadden, Arps, Slate, Meagher & Flom LLP

EU’s 14th Sanctions Package: Compliance Obligations Expand and Exits Are Facilitated

Skadden, Arps, Slate, Meagher & Flom LLP on

On 24 June 2024, the European Union (EU) adopted its 14th sanctions package directed against Russia, imposing an asset freeze against an additional 116 individuals and entities and expanding sectoral sanctions targeting key...more

K&L Gates LLP

European Union Adopts New Sanctions Against Russia and Belarus

K&L Gates LLP on

The European Union has again amended its sanctions against Russia and Belarus by adopting further legal acts, which put additional compliance obligations on EU companies. In particular, businesses will now have to undertake...more

Paul Hastings LLP

Statute of Limitations for IEEPA and TWEA Violations Extended to 10 Years, and Additional Sanctions Developments

Paul Hastings LLP on

Recent legislation, H.R. 815, the National Security Supplemental (“the Act”) – further explained by guidance issued by the U.S. Department of the Treasury Office of Foreign Assets Control (“OFAC”) on July 22, 2024 – has...more

Akin Gump Strauss Hauer & Feld LLP

EU Publishes New Best Practices Guidance, including Updated Ownership Test and Additional Control Guidance

Akin Gump Strauss Hauer & Feld LLP on

Key Takeaways - On 3 July 2024, the Council of the European Union (the “EU Council”) published its revised Update of the EU Best Practices for the effective implementation of restrictive measures (“Best Practices”).This...more

Hogan Lovells

New European Union sanctions on Russia and Belarus

Hogan Lovells on

The below alert provides a high-level overview of several measures recently adopted by the European Union (the “EU”) targeting Russia and Belarus, which include: (1) A new Russia sanctions regime, adopted on 27 May 2024,...more

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