What are the main changes: For breaches of financial sanctions that are committed after 15 June 2022, OFSI will be able to impose civil monetary penalties on a strict civil liability basis. This means that going forward OFSI will not have to prove that a person had knowledge or reasonable cause to suspect that they were in breach of financial sanctions. OFSI will continue to have the burden of proving that the financial sanctions breach…
The unprecedented level of sanctions imposed on Russia from jurisdictions around the world, as well as Russian counter-sanctions, has required multinational businesses in Russia to act swiftly in ensuring they remain compliant and, in many cases, has led to the cessation of Russian operations altogether.For months our Baker McKenzie team in Russia alongside our global team has been at the forefront of advising clients from across industries and regions on these issues. During our last webinar,…
On 28 April 2022, the UK introduced The Export Control (Amendment) Order 2022, amending the Export Control Order 2008 (S.I. 2008/3231), which will come into force on 19 May 2022. An additional control on military end-use will apply; however there are no amendments to the underlying dual-use regulation and the existing end-use control will continue to apply separately. The Amendment provides for the following in particular: Prohibition The export of dual-use goods, software or technology…
On 5 April 2022, the European Commission (the “Commission“) published new guidance for EU Member States relating to foreign direct investment (“FDI“) from Russia and Belarus (the “Guidance“). The Guidance aims to address the heightened risk that investments subject to the Russian or Belarussian government may pose to security or public order in the EU, especially with investments into critical assets in the EU. Whilst the EU has adopted sanctions against Russia and Belarus as a…