EXTRATERRITORIAL US SANCTIONS AND EU BLOCKING RULES

On 22 December, an article from Akin Gump Strauss Hauer & Feld LLP was concerned with a Court of Justice of the European Union (CJEU) judgment clarifying the impact of the Blocking Regulation on the termination of contracts by EU persons who intend to comply with US sanctions.  As a result, EU persons can be found in breach of the EU Regulation even if they voluntarily comply with US sanctions and are not subject to any direct orders or enforcement proceedings by US authorities.  The case involved Telekom Deutschland which terminated its contract with Bank Melli of Iran.

https://www.jdsupra.com/legalnews/extraterritorial-u-s-sanctions-and-eu-7536261/

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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