UK UPDATES LEGISLATION CONCERNED WITH EU BLOCKING REGULATION ON US SANCTIONS (INCLUDING IRAN)

On 19th December, the UK published the Extraterritorial US Legislation (Sanctions against Cuba, Iran and Libya) (Protection of Trading Interests) (Amendment) Order 2018.  EU Regulation 2271/96/EC (the “Blocking Regulation”) prohibits EU companies and individuals from complying with sanctions imposed by the US on Cuba, Iran and Libya, insofar as such sanctions purport to have effect on these companies and individuals outside of the US.  The Blocking Regulation forbids EU natural and legal persons from complying with those sanctions, unless exceptionally authorised to do so by the EU Commission.  The Blocking Regulation also allows EU operators to recover damages arising from the relevant extra-territorial sanctions from the persons causing said damage and nullifies the effect in the EU of any foreign court rulings based on them.  These new regulations update the original UK  Order of 1996 so that it refers to the updated Blocking Regulation.

http://www.legislation.gov.uk/uksi/2018/1357/contents/made

EU information on the Blocking Regulation is available at –

https://ec.europa.eu/fpi/what-we-do/updated-blocking-statute-support-iran-nuclear-deal_en

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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