Potential impact of the EU sanctions
Updated on 22 July 2022
New developments in EU’s sanctions regulations
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.
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The Arbitration Institute of the Stockholm Chamber of Commerce (SCC) is a neutral, independent and impartial dispute resolution venue in commercial business around the world. The SCC provides dispute resolution services to the Swedish and international business communities.
Since the introduction of sanctions by the EU against some Russian individuals and entities following the Russian Federation’s annexation of Crimea in 2014, the SCC has closely followed the developments. While Council Regulation (EU) 2014/269 regulates the freezing of funds of sanctioned individuals and entities, Council Regulation 2014/833 concerns sectorial sanctions.
Users who are in need of information about the EU sanctions against individuals and entities from Russia and Belarus and the potential impact of sanctions on SCC arbitrations, are recommended to read the following information.
The “General information” contains information about practical, administrative steps that need to be undertaken by parties who are covered by EU sanctions. The “Q & A” addresses some of the most commonly asked questions regarding sanctions.