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Regulatory

Contributors

Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Counsel
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Consultant
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Group General Counsel
  • Cayman Islands

Sanctions update on Belarus

On 21 June 2021, the governments of the EU, UK, US and Canada issued a joint statement on the decision to impose increased sanctions on Belarus in response to the 23 May forced landing of a commercial Ryanair flight between Athens and Vilnius and the politically motivated arrest of journalist Raman Pratasevich and his companion Sofia Sapega, as well as to the continuing attack on human rights and fundamental freedoms.

The joint statement can be found here.

Extended EU sanctions

As far as the EU regime is concerned, the Council of the EU has introduced new targeted economic sanctions, including the prohibition to directly or indirectly sell, supply, transfer or export to anyone in Belarus equipment, technology or software intended primarily for use in the monitoring or interception of the internet and of telephone communications, and dual-use goods and technologies for military use and to specified persons, entities or bodies in Belarus. Trade in petroleum products, potassium chloride ('potash'), and goods used for the production or manufacturing of tobacco products is restricted. Furthermore, access to EU capital markets is restricted, and providing insurance and re-insurance to the Belarusian government and Belarusian public bodies and agencies is prohibited.

Lastly, the European Investment Bank (EIB) will stop any disbursement or payment under any existing agreements in relation to projects in the public sector, and any existing Technical Assistance Service Contracts. Member states will also be required to take actions to limit the involvement in Belarus of multilateral development banks of which they are members.

A total of 166 persons and 15 entities are currently subject to restrictive measures, which comprise an asset freeze applicable to both individuals and entities, and travel ban on individuals.

The EU press release can be found here.

Similar coordinated sanctions have also been imposed by the UK (see here), which are also applicable to the UK Overseas Territories, including Anguilla, Bermuda, the British Virgin Islands and the Cayman Islands.