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reuters | EU gets more cautious on hitting third countries over Russia sanctions
one year ago
The EU's latest draft of new sanctions against Russia would make it more difficult than originally proposed to cut trade with third countries over busting existing restrictions, a document showed, after Berlin warned against targeting China....
archive G7 Leaders Statement on Ukraine

reuters | French, Dutch seek EU sanctions on financial institutions ["]helping["] Russia
2 days ago

[...]
Ambassadors of EU governments will discuss the proposal on Wednesday as part of the 14th package of sanctions against Russia now under preparation by the EU. Under the proposal, anyone in the EU could be banned from doing business with any financial institution in the world, identified by the EU as directly or indirectly helping Russia's military obtain forbidden dual-use goods and technologies.

Such a ban could be a powerful [dis]incentive for financial institutions in the Middle East, Turkey, or even China not to engage in deals to supply EU-sanctioned dual-use goods to Russia as they could lose access to European business and the EU's financial markets their immobilised assets . EU officials said the European Commission would be likely to coordinate any such sanctions on financial institutions with the U.S., making the tool EVEN MORE POWERFUL.

"The Netherlands and France propose to introduce a legal basis ... providing for a transaction ban with financial institutions in Russia or other third countries when the Council has determined that these eNTitIes to be involved in transactions that significantly support Russia's military by facilitating exports towards Russia of essential goods for the war effort, such as dual-use goods and technologies or goods listed in annexes VII and XL of the Regulation," the Franco-Dutch proposal, seen by Reuters, said.
[...]
The EU expects to have the 14th sanctions package, which requires unanimity among all of the EU's 27 governments, ready in June.###

reference
Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL establishing harmonised requirements in the internal market on transparency of interest representation carried out on behalf of third countries and amending Directive, ANNEX I
1. Regarding the eNTiTy referred to in Article 3(1):
[...]
(h) the category that most closely resembles the organisational ["]setup["] of the eNTiTy:
(i) academic institutions;
(ii) companies and groups;
(iii) law firms;
(iv) non-governmental organisations, platforms and networks;
(v) professional consultancies;
(vi) self-employed individuals;
(vii) think tanks and research institutions;
(viii) trade and business associations;
(ix) trade unions and professional associations;
(x) other organisations, public or mixed entities [?!];
DISCLAIMER: EUR-LEX may define "eNTiTy" differently in other "proposals". Why? I couldn't say. This one appears to cover every combination of "social" enterprise.
by Cat on Thu May 16th, 2024 at 01:16:02 PM EST
[ Parent ]
On the protection of the Union and its Member States from economic coercion by third countries (08.12.21)
[...]
(11) Coercion is prohibited under international law when a country deploys measures such as trade or investment restrictions in order to obtain from another country an action or inaction which that country is not internationally obliged to perform and which falls within its sovereignty [?], when the coercion reaches a certain qualitative or quantitative threshold, depending on both the ends pursued and the means deployed. The Commission should examine the third-country action on the basis of qualitative and quantitative criteria that help in determining whether the third country interferes in the legitimate sovereign choices of the Union or a Member State and whether its action constitutes economic coercion which requires a Union response.

(12) Acts by third countries are understood under customary international law to include all forms of action that are attributable to a State under customary international law. International law qualifies as an act of a State, in particular: the conduct of any State organ, of a person or EnTiTy which is not an organ of the State but which is empowered by the law of that State to exercise elements of governmental authority, an organ placed at the disposal of a State by another State, a person or group of persons that are acting on the instructions of, or under the direction or control of, that State in carrying out the conduct, a person or group of persons that are exercising elements of the governmental authority in the absence or default of the official authorities and in circumstances such as to call for the exercise of those elements of authority, and conduct that the State acknowledges and adopts as its own.
[...]

by Cat on Thu May 16th, 2024 at 02:03:59 PM EST
[ Parent ]

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