Interpreting the EU Sanctions Blocking Regulation: opportunity for guidance
Companies caught in the crossfire between US sanctions against Iran and the EU’s Blocking Regulation have found themselves in a precarious compliance zone. The combined effect of the reinstatement of US sanctions against Iran and the EU’s response in reactivating the Blocking Regulation have led to headaches for EU companies who have business exposure to both US and Iranian markets. In the first reference to the European Court of Justice (ECJ) on interpreting the Blocking Regulation, a German Court has posed a number of questions focused on the interplay between the EU and US sanctions regimes and the practical difficulties arising for EU companies.
In this briefing note, we discuss the background to this important case and the questions posed to the ECJ.
For more information on this topic please contact Kate Harnett, Louise Byrne or any member of A&L Goodbody's White Collar Crime team.
Date published: 10 August 2020