New developments in EU’s sanctions regulations
EU has adopted a 7th sanctions package.
On 21 July, EU adopted a 7th sanctions package (Council Regulation (EU) 2022/1269) which clarifies the scope of EU’s 4th sanctions package of 15 March 2022 (Council Regulation (EU) 2022/428) in relation to transactions with publicly controlled or owned Russian entities. In particular, the Regulation 2022/1269 exempts from the scope of sanctions, transactions which are strictly necessary to ensure access to judicial, administrative or arbitral proceedings in a Member State, as well as for the recognition or enforcement of a judgment or an arbitration award rendered in a Member State, if such transactions are consistent with the objectives of Regulation (EU) No 833/2014 and Regulation (EU) No 269/2014.
Being a neutral, independent and impartial dispute resolution venue, the SCC welcomes this clarification by the EU and we continue to serve the international business community with time and cost-efficient dispute resolution based on universal legal principles such as the rule of law and access to justice.
More information about the sanctions >> here