On 21 August 2024, the Swiss Federal Council announced the adoption of certain measures included in the European Commission’s 14th package of sanctions against Russia, which will enter into force on 27 August 2024 (the official media release is available here). The adoption of further measures of the 14th EU package is currently under consideration by the Swiss Federal Council. The newly adopted measures mainly consist in (i) an alignment with the EU diamond ban,…
As part of the EU’s 12th package of sanctions against Russia, adopted on 19 December 2023 (see our previous blog post here), the EU introduced a requirement under Article 12g of Regulation 833/2014 which requires EU exporters to include wording in certain goods contracts prohibiting the re-export of the goods to Russia and providing for “adequate remedies” in the event of a breach, in order to combat the circumvention of EU export bans and more…
On Monday 5th June, the EU published an amendment to the existing sanctions against Russia, which came into force on Monday 5th June. The implementing regulation is available here. These measures permit the designation of leading business persons operating in Russia, along with: These amendments were made on the basis that leading Russian business persons have engaged in a systematic practice of distributing their funds and assets amongst their immediate family members and others in…
On 27 May 2022, the Russian President adopted Decree No. 322 “On the temporary procedure for the performance of obligations to certain creditors” (“Decree”). According to the Decree, Russian persons (comprising the Russian state, regional state authorities, municipalities and Russian residents) are instructed to make payments for the use of intellectual property to foreign IP right holders (including penalties, fines and other payments) by transferring funds in rubles to a special O-type bank account opened…