In July, the European Union unveiled a new sanctions package, imposing restrictions on 90 Russian banks, banning transactions with crypto exchanges in third countries, and expanding the ban on recognizing and enforcing Russian court decisions. The new restrictions could affect some investors and ongoing legal proceedings, according to lawyers. The Advocate General and the Court of Justice of the EU have also been quite active, clarifying the term “influential businessman.” This raises the standard of proof for applicants, and absolves EU bodies of any errors in enforcement. Furthermore, three unsanctioned Russian investors are challenging the EU Council’s refusal to consider their request regarding the impact of sanctions against NSD on their assets.
A commentary by Artem Zhavoronkov, Partner at Nordic Star, for Pravo.ru is available here.