The G7 announced the creation of a new Enforcement Coordination Mechanism “to bolster compliance and enforcement of our measures and deny Russia the benefit of G7 economies” on the one-year anniversary of Russia’s invasion of Ukraine. The International Group of Seven (“G7”) is an intergovernmental forum whose members include the US, UK, Germany, France, Italy, Canada, and Japan, with the European Union as a “non-enumerated” member. As such, Germany, France and Italy are EU Member…
The EU has today adopted its 10th package of sanctions against Russia. Please see here for relevant Regulations and Council decisions. The new package includes the following measures:
The EU has adopted its ninth package of sanctions against Russia. All legislation introduced by the EU in relation to the latest package of sanctions can be found here. The new sanctions package includes: Additional designations of almost 200 individuals and entities. This includes the Russian armed forces, as well as individual officers and defence industrial companies, members of the State Duma and Federation Council, ministers, Russian proxy authorities in occupied areas of Ukraine and political…
On December 3, 2022, G7 members formally set the highly anticipated price cap on Russian oil at 60 USD per barrel. This price cap applies to crude oil, petroleum oils, and oils obtained from bituminous minerals which originate in or are exported from Russia. Below we summarize (1) some of the key aspects of the G7’s price cap, and (2) the measures taken to implement the price cap by the EU,US, UK, Japan and Canada.…