SGS Maco Customs Service ’s Post

➡ The European Union Council has rolled out its twelfth package of economic and individual measures, addressing the evolving situation in Ukraine. Wondering how this could impact you or your business? Check out our latest regulatory update for a brief overview: https://lnkd.in/ecXun4dT ➡ In parallel, the Council and the European Parliament have reached an agreement on the enactment of a new EU law. This legislation mandates the imposition of criminal offenses and penalties for breaches of EU sanctions. This legislation is particularly relevant in the current sanctions landscape. The provisional agreement will now be submitted to the member states’ representatives for endorsement. Our regulatory update provides a brief summary of this upcoming directive based on the available information: https://lnkd.in/enRxAaAZ

Switzerland has just implemented the EU's 12th sanctions package! The revised Ordinance is yet to be published. New measures include a phased ban on the purchase and import of Russian diamonds, a prohibition on Russian nationals and individuals living in Russia controlling companies in Switzerland that provide crypto-asset services, and a prohibition (with exceptions) on providing software for the management of enterprises and software for industrial design and manufacture to Russian companies. Revised Guidance (including on oil trading with third countries) will be released tomorrow. #Russiasanctions #tradelaw #sanctions #trade #swisslaw #swisssanctions #bakermckenzie

#EU #sanctions #Russia #40% #reporting #proprietaryrights On the 18th December 2023 EU adopted 12th package of sanctions against Russia. The package has already been published in the European Journal. IMPORTANT Though you may easily find information on further import ban on raw materials and diamonds, I would like to draw your attention to the following new regulation that is not unvailed unless you open the primary source of information. New Article 1n has been introduced to Decision 2014/512/CFSP: 1. Legal persons, entities and bodies established in the Union whose proprietary rights are directly or indirectly owned for more than 40 % by: (a) a legal person, entity or body established in Russia; (b) a Russian national; or (c) a natural person residing in Russia, shall, as of 1 May 2024, report to the competent authority of the Member State where they are established, within two weeks of the end of each quarter, any transfer of funds exceeding 100 000 EUR out of the Union that they made during that quarter, directly or indirectly, in one or several operations. https://lnkd.in/dQ6GRYxg

🚨 As of Wednesday, 20 March 2024, the obligation to include the "No Re-Export to Russia" clause in contracts concerning certain sensitive goods has entered into force.   This obligation aims to combat the circumvention of EU export bans. 📰 Read more about this critical development in our latest legal insight by clicking below! Understanding the intricacies and implications of this clause is paramount to ensure compliance with EU regulations and safeguard your business interests, as exporters should not sell their products to any non-EU operator that is not ready to incorporate that clause in relevant contracts. ❓ Have concerns or questions on this matter? Agnieszka Paulina R., Counsel in our International Trade group, is here to provide tailored guidance and support to address any queries you may have. For more on our International Trade practice group, click here: https://lnkd.in/et-B74FH #FieldfisherBelgium #EURegulations #TradeLaw

📣 General Court Ruling: Cogebi Challenges EU's Russia Sanctions 📜 On April 17, 2024, a significant legal case (T‑782/22) unfolded involving Cogebi and Cogebi, a.s., contesting Article 3i of Council Regulation (EU) No 833/2014. 📝 This regulation instituted restrictive measures against Russia in response to its actions destabilizing Ukraine. Specifically, the applicants questioned the inclusion of CN code 6814 (comprising worked mica and articles of mica) in the list of prohibited goods, which were deemed to generate significant revenues for Russia. 💡 The judgment meticulously examined various facets such as admissibility, the obligation to state reasons, and proportionality. In its ruling, the Court scrutinized the legal intricacies surrounding importers' rights and the EU's prerogative to regulate business activities, emphasizing the delicate balance between safeguarding economic interests and addressing geopolitical concerns. Original source 👉: https://lnkd.in/dNWjf_Wq #EUsanctions #sanctionsupdate #sanctionscompliance #EURegulation #UkraineCrisis #importersrights #Russiasanctions #CNcode6814

Some #Swiss news for colleagues interested in #commodity trade in Switzerland: ➡ Yesterday, the National Council has tasked the the Federal Council to review the extent to which the sanctions against Russia in the raw materials sector are being complied with. (Vote was accepted 135 to 50 in case you are interested). ➡ the review must include an analysis of the transit countries through which Russian raw materials are still being traded. As it stands, enforcing sanction in the raw materials sector relies first and foremost on the self-regulation of concerned companies. The Federal Council has now been tasked with reviewing whether additional measures and controls are needed to guarantee the enforcement of sanctions. I will share the link to the official records (in German and French) below. I'm afraid the documents are not (yet) available in English but do reach out if there is anything you want to know or don't understand. #responsiblebusiness

UK, EU Adopt Further Sanctions Against Russia On 18 December 2023, the European Council adopted its 12th package of sanctions against Russia. The comprehensive new package includes additional trade restrictions, stricter asset freeze obligations, energy restrictions and stronger anti-circumvention measures. The UK also implemented similar changes as of 14 December 2023. Below we set out the key measures. The new package aims […] https://lnkd.in/dyCxmYm3 Cyprus-CEO #CEO #business #management #marketing #tech #AI #legal #money

Press release: From The Council Of The EU regarding violation of #sanctions 12/12/2023 16:00 | Press release |Council and Parliament reach a political agreement to criminalize violation of EU sanctions The Spanish presidency of the Council and the European Parliament concluded their negotiations for an EU law that introduces criminal offenses and penalties for violating EU sanctions. x Dissuasive penalties x Liability and sanctions for legal persons x Stricter enforcement https://lnkd.in/e-q3VTRx

As prohibitions on trade with Russia continue to expand and evolve, it is essential to remain aware of the relevant regulations applicable to UK Traders and the possibility of fines and penalties for non-compliance. #exportcontrols #internationaltrade #russia #sanctions #sanctionscompliance #finance #business #export

Russia says it will retaliate if Denmark restricts ship movement through the Danish Straits (Reuters 3 May). Russia pre-emptively and unsurprisingly tries to threaten Denmark if its dark fleet is denied transit through Danish Straits due to lack of insurance and for environmental reasons. The question is quite complicated and as much as many - including myself - would like to deny transit this is not straight forward. The leading Danish law firm Gorrissen Federspiel has produced this paper on the legal aspects of enforcing sanctions according to the 1857 Copenhagen Treaty and UNCLOS: “Passing through? Russian Vessels in the Danish Straits”. https://lnkd.in/dPgKe2M2