Tag: All Regions

In previous posts, we outlined measures imposed by states in response to Russia’s recognition of Donetsk and Luhansk. Following Russia’s invasion of Ukraine on 24 February 2022, various states have enacted a new tranche of measures in response and announced further measures to be imposed over the coming days. We outline below the further actions taken by the US, EU, UK, Canada, and Australia since our last update. The most significant developments represent: The designation of VTB by the US…

Russia’s decision on 21 February 2022 to recognise the Donetsk and Luhansk regions of eastern Ukraine (the Covered Regions) as independent states, has prompted the US, UK, and, potentially, the EU to respond with the imposition of a first tranche of financial and trade sanctions. In this post, we consider the measures that have been imposed. US The US has imposed sanctions concerning the Covered Regions through an Executive Order issued on 21 February (the “EO”). The EO expands the…

The US, UK and EU have threatened to impose a range of measures to deter Russian activities in or against Ukraine. The scope and severity of such measures will likely give rise to serious compliance challenges for companies with Russian counterparties or who do business in Russia. In this post, we consider the types of measures which could be imposed by the US and their potential impact. Current Status of US Legislation The two houses of US Congress are nearing…

As part of its response to the current situation in Ukraine, the UK Government has recently enacted sanctions legislation which introduces additional grounds for designations of individuals and entities under the existing UK-Russia sanctions regime. However, no new designations have been made under these grounds. In this post, we consider the implications and potential impact of these changes. What Amendments Have Been Made? Prior to the recent amendments, the UK-Russia sanctions regime (contained in The Russia (Sanctions) (EU Exit) Regulations…

The Court of Justice of the European Union (the Court) has, for the first time, provided its interpretation of Article 5 of the EU Blocking Regulation, which prohibits EU persons from acting in compliance with certain sanctions imposed by the US on Iran and Cuba. In this update, we provide an overview of the Court’s decision and consider the implications of the issues addressed. Factual Background The Court addressed four interpretive questions regarding the EU Blocking Regulation[1] which were referred…