On 17 April 2014, Liechtenstein issued a regulation (the “Regulation”) implementing measures to prevent the circumvention of EU sanctions in relation to the Ukraine crisis. This follows a similar announcement made by the Swiss State Secretariat for Economic Affairs, reported here. The Regulation broadly prohibits the receipt of funds or economic resources which belong to, or are under direct or indirect control of, any designated person, entity or organisation. The Regulation also includes reporting obligations…
Iceland and Norway imposed travel bans and asset freezes against 21 Russian politicians and officials on 20 March and 21 March respectively. These lists of individuals mirror the list of persons who were designated by the EU under Council Regulation (EU) No 269/2014 on 17 March 2014. In line with the EU measures, these sanctions will restrict the ability of the named individuals to travel and will freeze their assets in Iceland and Norway respectively.…
Canada, France, Germany, Italy, Japan, the UK, the US, the President of the European Council and the President of the European Commission today condemned the referendum held in Crimea and Russia’s attempt to annex Crimea. The G7 further stated that if Russia escalates the situation in the region, it will “intensify actions including coordinated sectoral sanctions that will have an increasingly significant impact on the Russian economy”. The diplomatic measures taken today at the G7…