RUSSIAN DUMA RECEIVES BILL ON WIDENING THE SCOPE OF SANCTIONS

On 17 August, CMS Law reported that a Bill that expands the application of sanctions by the Russian Federation and specifies the procedure for their application has been submitted to the Russian State Duma.  Among other things, the Bill broadens the Bill to persons controlled by such individuals and legal entities, and aims at freezing the assets of sanctioned persons and preventing the conclusion of financial transactions with such persons.  The Bill provides a list of organisations that must implement measures to freeze assets if necessary, and says that, when financial organisations implement sanctions, this cannot qualify as a breach of contract on their part.

https://www.cms-lawnow.com/ealerts/2020/08/russian-duma-receives-bill-on-widening-the-scope-of-sanctions?cc_lang=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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