US Sectoral Sanctions

What's Newest (cont'd) Russia Controversial new anti-sanctions dispute law - came into effect 19 June 2020 Seeks to force into Russian court many disputes involving Russian (and other) sanctioned persons/entities ... whether or not the dispute relates to the sanctions And provides for Russian court to issue anti-suit injunction against proceedings in foreign courts or arbitral tribunals, and to award damages up to amount of damages claimed by foreign party in proceedings abroad See our Lawflash of 10 June 2020; some limited court practice is developing since then See slides 85-89 for other enacted and pending further countermeasures against US/EU sanctions (and Ukraine) - Including new draft amendments (re asset blocking, and low 25% control threshold, etc.) to Special Economic Measures Law And note possibility of further reaction to existing and pending further US Nord Stream 2 sanctions Continuing reports of Russian companies (including oil producers) trying to move away from USD to Euro (or other currencies) for deals having no other US link - see slides 20 and 74 below And Gov't moving to direct pension and similar funds away from banks that are under or are supporting anti-Russian sanctions New threat of additional Russian sanctions against some European persons (Belarus- related) Morgan Lewis 15

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