Russia's war on Ukraine: EU adopts sixth package of sanctions against Russia and Belarus
The European Union has adopted, on June 3rd, 2022, its sixth package of restrictive measures against Russia and Belarus. The latter contains the following elements:
- A complete import ban on an all Russian seaborne crude oil and petroleum products;
- After a wind down period of 6 months, a prohibition for EU operators from insuring and financing the transport, in particular through maritime routes, of Russian oil to third countries;
- A removal of three new Russian banks from the SWIFT system (including the country’s biggest one Sberbank);
- A broadcasting suspension for three Russian State outlets;
- The prohibition of the provision of certain business-relevant services – directly or indirectly – such as accounting, tax or business and management consulting services, and public relations services to the Russian government, as well as to Russian entities;
- New restrictions regarding the export of chemicals that could be used in the process of manufacture of chemical weapons.
More information on the sixth package of sanctions : https://media-exp2.licdn.com/dms/document/C4E1FAQHVDmC8F-snww/feedshare-document-pdf-analyzed/0/1654434543608?e=1655337600&v=beta&t=YyBbHFmhT4rOXzsqU-Pwawzkcg5RdmD_CLmshzAnofY
EU adopts fifth round of sanctions against Russia
On April 8, 2022, the European Council decided to impose a fifth package of economic and individual sanctions against Russia an Belarus. The package comprises:
• A prohibition to purchase, import or transfer coal and other solid fossil fuels into the EU if they originate in Russia or are exported from Russia
• A prohibition to provide access to EU ports to vessels registered under the flag of Russia
• A ban on any Russian or Belarusian road transport operators preventing them from transporting goods by road within the EU, including in transit
• Export bans, targeting jet fuel and other goods ( quantum computers and advanced semiconductors, high-end electronics, software, sensitive machinery and transportation equipment, etc.)
• Import bans on products such as wood, cement, fertilisers, seafood and liquor
• Targeted economic measures intended to strengthen existing measures, such as a general EU ban on participation of Russian companies in public procurement in member states, the exclusion of all financial support to Russian public bodies
• Further listings of individuals (companies whose products or technology have played a role in the invasion, key oligarchs, family members of already sanctioned individuals, etc.)
Sanctions Against Russia: an Update on the Measures in Force
The Guillemin Flichy team provides you with an overview of the sanctions programs decided by the European Union and the United States against Russia. Freezing of assets, export controls, financing, movement of persons: is my business affected? What consequences for my contracts? Should I stop paying my suppliers? What are the sanctions incurred?
Our team is fully mobilized.
Public concerned: CFOs, GCs, CCOs
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U.S. secondary sanctions and the European Blocking Statute: the Court of Justice of the European Union takes a stand for the first time
On December 21, 2021, the Court of Justice of the European Union (ECJ) issued a long-awaited ruling on the application of Council Regulation (EC) No 2271/96 protecting against the effects of specific US sanctions programs against Iran, Cuba and Syria (“the Blocking Statute”).
The ECJ received several requests for preliminary ruling from a German court on the interpretation of the first paragraph of Article 5 of the Blocking Statute forbidding an European person to comply with US sanctions programs.
The ECJ Grand Chamber has provided the following answers:
• Article 5 of the Blocking Regulation forbids European persons from complying with economic sanctions programs listed, even in the absence of an order requiring compliance with such programs issued by a US administrative or a judicial authority
• Article 5 of the Regulation does not prevent an European entity from terminating the contract concluded with a person listed on the US Specially Designated Nationals and Blocked Persons (SDN list). However, in the context of civil proceedings concerning the alleged breach of the prohibition laid down by the Blocking Statute, the European entity must show that such termination did not seek to comply with the US sanctions programs referred to in the Statute.
• Termination of a contract in violation of a Blocking Statute may be sanctioned by the annulment of the termination, provided that such sanction does not result in disproportionate effects for the European entity. The European judge should weigh the objectives of the Blocking Statute against the economic risks that the entity could face if the contract with a blocked entity was to be maintained.
For further information on this ruling, do not hesitate to reach our Sanctions & Export Controls team.
- Russia's war on Ukraine: EU adopts sixth package of sanctions against Russia and Belarus 08/06/2022
- EU adopts fifth round of sanctions against Russia 08/04/2022
- Sanctions Against Russia: an Update on the Measures in Force 07/03/2022
- U.S. secondary sanctions and the European Blocking Statute: the Court of Justice of the European Union takes a stand for the first time 05/01/2022