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Home » Business News

Threat of Economic Sanctions on Russia – New Angles…

Submitted by on April 28, 2014 – 6:35 am |

Senior Partner at Zaiwalla & Co SolicitorsUnder last week’s accord struck by Ukraine, Russia, the US and the EU, militias in Ukraine were to disarm and give up control of seized state property. But law and order has deteriorated rapidly in parts of eastern Ukraine as Kiev and Moscow have accused each other of failing to follow through on the Geneva accord.

Representatives of the firm are well placed to provide expert analysis and views on the developing crisis including:

  • Lessons to be learnt from historic sanction imposition  – what has and hasn’t worked in the past with both Russia and Iran.
  • The wider reaching commercial implications of the proposed sanctions and how they are likely to various economies differently
  • Analysis of what type of commercial sanctions are likely to be seen and what are likely to be the most affective
  • Analysis of what is likely to be the affect of any sanctions imposed on Russian commercial activity
  • Views on why a cautious approach has been taken to date, when placing sanctions on Russia

Here is a generic comment  recently provided on the increasing threat of economic sanctions on Russia:

‘Since March 2014, the European Union imposed several sanctions against various individuals from Russia and Ukraine. The reasons behind those sanctions included involvement in the misappropriation of Ukrainian state funds, Human Rights violations during the Ukrainian political crisis and actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine.

It has not been uncommon for the Council of the European Union to impose asset freezes and travel bans against individuals. In the past, similar sanctions have been imposed on individuals and entities who were alleged to have been involved with Iran’s nuclear and ballistic missile programme.

This time, the Council has shown caution in the number of individuals whom it has targeted for sanctions, having learnt lessons from various judicial decisions which have emerged following legal challenges against sanctions which, it transpires, were wrongly imposed on several Iranian individuals and entities.

The Council seems to have accepted that it has to take care to ensure that any measures taken against individuals and entities are not susceptible to challenge on procedural grounds. They must not, for instance, constitute a violation of an individual’s right to defence and effective judicial protection. Which might also explain the reason why only a handful of individuals and entities have been sanctioned.

Sanctions have proved to be an effective tool in international relations, but such powers must be exercised lawfully, rationally and with discretion to avoid damage to the credibility of the institutions of the European Union and to ensure that taxpayer’s money is not wasted in courts.’ – Mr Sarosh Zaiwalla & Ms Pavani Reddy

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