The European Commission has published a Commission Guidance note on the implementation of certain provisions of Council Regulation (EU) No 833/2014. The Regulation came into force on 31 July 2014 and imposes a package of "tier 3" sanctions on Russia in view of the situation in Ukraine (see our previous blog post on the measures) which was amended in September and December (see previous blogs here and here).
The note provides guidance to questions that have been asked of the Commission on the provisions relating to financial assistance, financial services, emergency funding, loans and capital markets. It aims to ensure the uniform interpretation of the Regulation by national authorities and other parties.
This article first appeared on European Sanctions Law & Practice (http://europeansanctions.com/), a blog by Maya Lester (+44 20 7379 3550, firstname.lastname@example.org), a barrister at Brick Court Chambers, and Michael O'Kane (+44 (0) 20 7822 7777 email@example.com), head of Business Crime at Peters & Peters.