... transport and logistics, and the financial sector. However, Russian industrial and technology companies are already a typical target of US blocking sanctions. The structure of the sectoral coverage of blocking sanctions has remained virtually unchanged.
Secondary sanctions against a number of companies from third countries cooperating with Russia can be considered equally common. These include six companies from China (which supplies electronics and optics to the Russian Federation), four companies from ...
... goods. Up to now, for example, there have been no cases of blocking sanctions for the supply through third countries of "luxury goods" or other less technologically advanced manufactured goods. But this practice may appear in the future.
The European Union is also introducing instruments into its law that allow the application of similar sanctions. For example, paragraph (h) Art. 3 of EU Council Regulation 269/2014 empowers the Council to impose blocking sanctions against any individuals ...
... correspondence of the participants in the transaction, as well as signals to the authorities from the manufacturing companies, which were contacted by the accused Russian citizens and their partners.
Along with criminal cases, the number of cases of secondary sanctions, that is, blocking financial sanctions for transactions in favour of previously blocked persons, is also growing. Since the beginning of 2023, the US Treasury has imposed such sanctions on people from China, India, Armenia, Kyrgyzstan,...
... cooperation in those areas that are one way or another under EU sanctions. In other words, the question is: how exactly will the European Union achieve the promotion of its export control rules and other sanctions against Russia abroad?
Ivan Timofeev, Dmitriy ... ... mechanisms, the EU was guided by the rich experience of the United States. Americans have been using three tools for a long time - secondary sanctions, the expansion of export restrictions, and criminal and administrative prosecutions. In the first case, the ...
... themselves. Here, the special representative will have more scope and prospects for securing compliance. Unlike government structures, business is showing much more nervousness and caution. Business fears secondary sanctions. If earlier the EU opposed secondary sanctions, today it is ready to apply them against Russia—such a legal mechanism has already appeared in Council Regulation (EU) No 269/2014. In addition, the European Union is working to harmonise the legislation of the member states aimed at the administrative and criminal prosecution of those who violate the sanctions norms of the Union. The application of such regulations would require a link to the EU ...
... Kong Sojitz Limited
in 2022 and the
Jereh Group
in 2018 were fined in 2018.
This is partly due to the active use of blocking secondary sanctions by the Treasury, as well as the fact that the US Department of Commerce plays a leading role in this area,... ... Treasury amounted to a little over $5.7 billion, $5.3 billion of which was paid by financial sector companies, mainly from the European Union, Switzerland and the UK. The bank
BNP Paribas
paid a record fine - more than $963 million, for violating the US ...
... sanctions may be applied with regard to the situation in Ukraine. Now, they include individuals and legal entities that contribute to bypassing the sanctions regimes against Russia under the Ukrainian package. The new legal mechanism suggests that the European Union is adopting secondary sanctions similar to those used by the United States for a long time.
Ivan Timofeev:
Is It Possible to Lift Sanctions Against Russia? — No
The essence of secondary sanctions is that financial restrictions are applied for interaction with blocked ...
