FMLC LogoThe Financial Markets Law Committee (FMLC), an independent body whose remit is to identify issues of legal uncertainty in the framework of financial markets, has published a paper on legal uncertainty arising in the context of EU sanctions on Russia. The sanctions in question are established by Council Regulation (EU) 833/2014 and are in response to Russia’s actions concerning Ukraine.

In particular, the paper address uncertainties relating to granting new loans or credit, the meaning of “related entities” and “on behalf or at the direction of” another, the scope of “transferable securities” and “money market instruments”, the impact of sanctions on derivatives markets, financing and financial assistance, the rules on circumvention of sanctions, and criminal and civil liability for breach. While some of the issues addressed by the paper are particular to Regulation 833/2014, others have broader resonance with EU sanctions generally and their impact on wholesale financial markets.

This entry was posted in General, Russia by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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