ECJ approves sanctions on Russia

RUSSIA / FSU POLITICS - In Brief 22 Sep 2020 by Alex Teddy
The European Court of Justice ruled on September 17 that restrictive measures on Russian hydrocarbons are lawful. These are sanctions in retaliation for Russian actions viz. Ukraine. The ECJ is the supreme court of the European Union. The sanctions have been in place since 2014. EU countries cannot sell products and technologies to Russia which are relevant to oil and gas. Russian oil and gas has limited access to the EU capital market. Rosneft and others brought a legal action. The General Court ruled against Rosneft and others in 2018. Rosneft appealed to the ECJ. The judgement is final. The ECJ ruled that the objective of the sanctions was to raise costs for Russia and contribute to a peaceful settlement of the conflict.The ECJ ruled that the sanctions are in accordance with the 1994 EU-Russian Partnership and GATT.The European Council was delighted with the court's decision.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this or its contents.