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 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. As set out in our introduction to the blog series, our sanctions experts in G7 offices will respond to a series of questions relating to sanctions enforcement and the potential impact of the Enforcement Coordination Mechanism. Following our…
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…
The winds of change continue to swirl in the world of international sanctions enforcement. Governments around the globe are imposing new sanctions at a rapid pace and ramping up their efforts to crack down on violations. At Baker McKenzie, the Global Sanctions Investigations Group understands that navigating the ever-evolving sanctions landscape can feel like walking a tightrope. One misstep and your company could be facing material fines, reputational damage, and even criminal charges. That’s why…