RUSSIA – FURTHER UPDATE ON RUSSIA’S PROPOSED NEW COUNTER-SANCTIONS

Baker McKenzie on 18th May provided a further update on the proposed legislation in Russia intended to counter US and EU sanctions.  On May 17th, the Draft Bill “On Measures (Countermeasures) in Response to Unfriendly Actions of the USA and other Foreign States” was approved by the State Duma of the Russian Federation in the 2nd reading.  The scope of the proposed countermeasures remained unchanged.  Another draft Bill “On Amendments to the Criminal Code of the Russian Federation” envisaging criminal liability for complying with Western sanctions, was expected to be considered in its second reading on May 17th.  The 2nd reading was postponed because the State Duma received a lot of negative comments from the Russian business community in connection with this Draft.  The Draft is expected to be modified to satisfy these concerns.  According to preliminary information reported by the Russian media, the administrative violation at issue might be penalized with a fine of up to approximately $804,588.

http://www.internationaltradecomplianceupdate.com/2018/05/18/russia-further-update-on-russias-proposed-new-counter-sanctions/

http://www.cms-lawnow.com/ealerts/2018/05/the-bill-to-counter-us-sanctions-passes-state-dumas-second-reading

 

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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