After weeks of going back and forth, the Council of the European Union (“Council”) was finally able to adopt the 10th package of sanctions against Russia in time to coincide with the first anniversary of Ukraine’s invasion on Friday, 24 February. Since a unanimous decision by the Member States is required in order to move forward with the sanctions, the adoption of the tenth package was delayed due to differences between certain countries over parts of the package. The new set of measures include additional designations, trade and financial restrictions, reporting obligations, and further rest ..read more

On 16 May 2022, the Council of the EU (the Council) decided for the third time to prolong its restrictive measures against cyber-attackers threatening the EU, its Member states or its allies. The measures are set to remain in place for a further three years until May 18, 2025. The Council’s press release on this is available here. As mentioned in our previous post on the topic, the EU set up a cyber diplomacy toolbox (Toolbox) that enables the EU and its Member states to trigger measures from the Common Foreign and Security Policy (CFSP). The CFSP is the foreign policy framework of the EU ..read more

Between April 18 and May 2, 2022, the US government continued to ratchet up economic sanctions, export controls, and other restrictive trade measures targeting Russia.  Most significantly, on April 21, President Biden issued a Proclamation prohibiting “Russian-affiliated vessels” from entering US ports.  Otherwise, the US government has focused on utilizing its existing authorities to impose further costs on Russia. Over the last two weeks of April, the US Treasury Department’s Office of Foreign Assets Control (OFAC) designated over 40 individuals and entities including Transkapitalb ..read more

As of March 20, 2022, a new Executive Order (EO) prohibited certain imports, exports, the transfer of US dollar banknotes to Russia, and new investments involving certain sectors of the Russian economy.  The US Office of Foreign Assets Control (OFAC) also issued new General Licenses and Frequently Asked Question (FAQ) guidance. Additionally, the US Department of Commerce’s Bureau of Industry & Security (BIS) announced new regulations to control the export, reexport, and transfer (in country) of certain luxury goods to or within Russia and Belarus. BIS also identified numerous aircraft ..read more

On March 15, the Council of the EU proceeded to adopt the fourth package of sanctions against Russia over the continued military aggression of Ukraine. With these new sanctions, the EU seeks to address potential loopholes under the first three packages, such as by providing clarifications, to restrict certain derogations, and to expand the sanctions’ scope by targeting new sectors. In particular, the new sanctions target the energy sector, although significant carve-outs exist for coal, oil, and natural gas imports. Following our review of the first, second and third sanctions package, we anal ..read more

Since the adoption of the first sanctions package against Russia, the Council of the EU and the European Commission (“Commission”) have been working closely together to adopt increasingly severe sanctions to force President Putin back to the negotiating table in view of reaching a ceasefire. Coordination with allies has also been intense. Following our review of the first and second sanctions package, we analyze below the latest restrictive measures. For more information on how these developments could impact your organization, contact a member of Steptoe’s Economic Sanctions team in Brussels ..read more

Since February 21, 2022, the United States has joined a coalition of countries imposing sanctions in response to Russia’s invasion of Ukraine. New US sanctions and export controls are wide ranging and complex, significantly impacting trade and related financial transactions between the US and Russia, as well as Belarus.  They also affect transactions and exports from outside the United States in many areas of commerce. The following is a high-level overview of recent US legal developments as of March 8, 2022. For more information on how these measures could impact your organization, conta ..read more

Like the United States and other like-minded countries, the EU regularly uses targeted financial sanctions against foreign organizations, legal entities, and individuals as a proportionate response in situations where an international disagreement or a crisis cannot effectively be resolved by conventional instruments of diplomacy, or to give weight to its demands against foreign powers.  The procedure for the adoption of financial sanctions by the EU is in principle governed by strict standards as concerns due process and the respect of the rule of the law. However, when the parties targe ..read more