As heightened sanctions activity amplifies challenges for those operating in a global environment, navigating this landscape requires a comprehensive – and collaborative – approach. Addressing this, Baker McKenzie’s Anahita Thoms (Partner, Berlin) is joined by Sean Doherty (Head, International Trade and Investment; Member of the Executive Committee, World Economic Forum) and Hera Smith (Director, Financial Crime Compliance, Moody’s Analytics) to discuss how organizations can more confidently ensure sanctions compliance. This podcast is available via Apple,…
In brief After intense debates in the Council of the European Union, the EU has agreed on an 11th package of sanctions against Russia and its supporters in their aggression against Ukraine. The relevant Council Regulation (EU) 2023/1214 and Council Regulation (EU) 2023/1215 (respectively amending Regulation (EU) 833/2014 and Regulation (EU) 269/2014) have been published in the Official Journal of the EU, LI 159/1 on 23 June 2023. Following publication, the amending regulations entered into…
Having focused on the enforcement of sanctions by the United States, United Kingdom and the European Union in the past weeks, this week we will take a closer look at the current enforcement practice of the German authorities and the changes to be expected following the newly announced G7 Enforcement Coordination Mechanism. We note that the enforcement of the EU sanctions, particularly against Russia, is taken very seriously by the German authorities; especially when compared…
Criminalisation of EU sanctions violations The EU Council has unanimously decided to add the violation of restrictive measures to the list of ‘EU crimes’. See here for Council press release. Currently Member States have different definitions of what constitutes a violation of EU sanctions and what penalties should be applied in the event of a violation. The Decision by the Council means that eventually these issues will be harmonised across the EU. However, this will not…