EU’s Ukraine-related sanctions — are you compliant?
In response to the developments in Ukraine unfolded by the Euromaidan protest movement in early February 2014, the EU Council on 5 March 2014 decided to impose restrictive measures against individuals who have been identified as being responsible for the misappropriation of Ukrainian state funds and/or human rights violations (Council Regulation [EU] No. 208/2014). On 17 March 2014, additional sanctions were announced by both the EU (Council Regulation [EU] No. 269/2014) and the US (US executive orders of 6 March 2014 and 17 March 2014) against certain Russian individuals associated with the declaration of the independence of Crimea. The EU further increased the scope of sanctioned individuals on 20 March 2014.
While the further course of political and diplomatic developments in Ukraine cannot be foreseen, the EU sanctions were set into force immediately, thus challenging EU businesses to revisit their relations with designated persons and the entities deemed to be associated with them.
The regulations impose the freezing of funds owned or held by any of the designated persons. Further, non-designated entities are subject to such a freeze in the event that they are held or ‘controlled’ by a designated person…
Click on the link below to read the rest of the Schoenherr briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Schoenherr
Briefings from Schoenherr
What remains of the ‘class theory’ following the ECJ’s 1 July 2015 (C- 461/13) ruling with regard to the ‘no-deterioration’ clause?
Turkey’s trademark law has been partially cancelled by the Constitutional Court – will it help bring forward a trademark code?
Analysis from The Lawyer
Regulators are ramping up the pressure in the aftermath of recession, leaving firms to compete for compliance and restructuring work