In response to Russia’s illegal declaration of annexations of Ukrainian territory, the United States and the European Union have imposed additional sanctions on Russia.
- The proposed regulation would arm the EU with a counterstrike capability if non-EU countries take economic action against a Member State.
- Where a Member State is subject to economic interferences from non-EU states that affect its legitimate sovereign choices.
- The European Commission to take some or all of the following measures against the interfering state:
- Impose tariffs;
- Implement quotas;
- Restrict access to EU financial markets; or
- Reduce intellectual property protections
- Food products containing E171 will no longer be allowed to be imported into Europe from January 2022.
- From June 2022, the sale of products containing E171 will be prohibited in Europe.
In August 2020, we wrote a blog post about the adoption by the European Commission (“Commission”) of a White Paper on Foreign Subsidies. On 5 May 2021, the Commission adopted a proposal for a Regulation on foreign subsidies distorting the internal market after an extensive consultation process with stakeholders. This post updates our previous entry and considers the implications of the newly proposed regulation.
Continue Reading The European Commission Adopts a Proposal for a Regulation on Foreign Subsidies Distorting the Internal Market
On May 10, 2021, the EU adopted its new, revised version of Regulation (EC) No 428/2009 (the “Regulation”). It is widely acknowledged to be the first major reform to the structure of the EU’s export control regime since 2009.
The text of the Regulation was approved by the European Parliament on March 26, 2021. In November 2020, the Council and European Parliament representatives reached a provisional political agreement on the Regulation. The reform of EU export controls had initially been proposed by the European Commission in September 2016.
Continue Reading A New Era of Export Controls Begins in the EU: The Revised EU Dual-Use Export Controls to Promote Human Rights
Europe has come up with a nifty plan to help Iran buy and sell stuff outside the reach of U.S. sanctions. The problem is that the plan is a fraud magnet. How do we know? It’s been tried before, and the fraud was epic.
The plan is known as the “Instrument in Support of Trade Exchanges,” or “INSTEX.” Lots of smart people have been involved in creating the program. Let’s hope they’re not too young to remember 1995, when fraudsters first heard that the UN was setting up a program known as “Oil-for-Food.” Similar to INSTEX, Oil-for-Food was designed to allow a sanctioned country (in that case, Iraq) to sell oil on the world market in exchange for food, medicine, and other humanitarian goods. A 2005 independent audit of the program found a staggering variety of fraudulent schemes netting billions of dollars in income for illicit merchants, intermediaries, and the Saddam Hussein regime itself. If INSTEX is not careful, it could be the victim of similar scams. …
Continue Reading How to Steal $10 Billion from Europe
Our “trends for 2018” are only a selection of interesting developments to watch for in 2018.
Within the political and legislative cycle of the European Union, 2018 promises to be an eventful year, given that it is the last full year before the 2019 EU elections when a new European Commission will be appointed and the European Parliament will hold new elections. This means, in practice, that there will be pressure in 2018 on the current European Commission and European Parliament to act on all their initiatives and to complete their legislative agenda.
Our team of EU lawyers will continue to report on noteworthy developments including for instance, Brexit and its implications for competition and regulatory policies, the surge in foreign direct investment controls, the opening of new competition enforcement fronts, the practical implementation of the EU damages directive, as well as the development of alternative means of resolution in competition investigations and their impact on rights of defence.
We invite you to contact us directly should you have an interest in discussing any topic further or in obtaining additional information. We hope you will enjoy the read!
Continue Reading 2018 EU Trade, Regulatory and Competition Trends
EU food safety authorities are still feeling the repercussions of the insecticide-contaminated eggs crisis. That crisis highlights the many challenges of dealing with unsafe and non-compliant products in a single European market, such as a lack of cooperation between EU authorities, traceability difficulties and widely varied national safety and testing standards.
Continue Reading Scrambling After an Egg Crisis – EU Safety Guidance for Online Product Sales
On July 27, 2017, the U.S. Congress sent to President Trump’s desk a bill that imposes new financial sanctions against Russia, Iran, and North Korea. It appears nearly certain that the president will sign that bill, now called the “Countering America’s Adversaries Through Sanctions Act” (CAATSA). Edit: President Trump signed the bill on August 2, 2017.…
Continue Reading In the Chaos of (Trade) War, Where Does Your Company Find Peace?
How The EU Data Privacy Regulation Will Affect American Companies’ Data Collection and Processing Practices – and Their Revenue
For American companies who do business in Europe or who process the personal data of EU residents, the world of data privacy and security is about to get much more complicated. While U.S. privacy law is unsettled, with rapidly proliferating state and federal laws and regulations and uncertainty as to how strictly they will be enforced, the rules in the European Union are tough and about to get much tougher. The General Data Protection Regulation (EU) 2016/679 (GDPR), slated to take effect in May 2018, will give consumers in the EU substantially more control over how their personal data is used. The increased control includes the right to:
- access any personal data that has been collected,
- obtain confirmation about whether an individual’s data is being processed, and
- require that the data be “erased” if the consumer withdraws consent.
On April 3, 2017, the UK Treasury’s Office of Financial Sanctions Implementation (OFSI) announced new penalties for economic sanctions violations of £1 Million or 50% of the value of the transaction, whichever is higher. As a result, this new detective has a powerful new enforcement tool, and it may be taking notes from the aggressive U.S. sanctions enforcers.
Continue Reading A New Sleuth in Britain: The UK Quietly Empowers a Sanctions Enforcement Office