EU clarifies the scope of its Russia sanctions
On December 4, 2014, the European Union published Council Regulation (EU) No 1290/2014, containing certain amendments to the EU restrictive measures targeting Russia. The stated purpose of the new regulation is to “clarify certain provisions” of Regulation (EU) No 833/2014, and indeed a number of key concepts such as “Arctic”, “deep water” and “shale” projects (in the context of oil exploration and production) are replaced with more precisely worded and narrower concepts. There are also certain exceptions to the oil sector sanctions for health and safety or environmental work and additional details are provided with respect to the capital market restrictions. The amendments entered into force on December 6, 2014.
LNA Member Firm Studio Legale Padovan, which enjoys a first class reputation in Italy for its export control and economic sanctions expertise, has prepared a Client Alert that provides a summary of the most significant amendments to Regulation (EU) No 833/2014 (available in Italian only).