Recent changes to European Union sanctions legislation have complicated the process of lifting restrictions on Russian businesspeople.
One of the key changes is the presumption of a link between ‘leading businesspeople’ (leading businesspersons) and Russia, even after they have formally left the business. Those who sold assets or left their positions after the start of the military action will remain under sanctions until they can prove that they no longer control the business. Additionally, the EU Council will consider public condemnation of military action as a factor when making decisions on sanctions.
Artem Zhavoronkov, Partner at Nordic Star, commented on the relevant sanctions changes.
Further details are available at the following link.