Legal results of 2018 / SPIBA
LOTTE Hotel hosted an event dedicated to summarizing the legal results of 2018. The event was organized by the St Petersburg International Business Association (SPIBA). Attendees at the event discussed, among other things, matters concerning sanctions pressure, antitrust regulation, and amendments to legislation in intellectual property and information technologies.
One of the pivotal issues at the meeting was the discussion of the changes in the West’s sanctions policy. Thus, ‘secondary sanctions’ under the CAATSA were applied in 2018 for the first time. Now, a legal entity which is registered in any country and which consummates a transaction with a Russian entity that is subject to sanctions may be included in the USA’s SDN blacklist (the Specially Designated Nationals List), regardless of the territory where the contract has been concluded. This has drastically changed the legal rules of the game around the globe.
Artem Zhavoronkov, a Specialist Partner at Borenius Russia, held a discussion on the changes in the sanctions legislation and shared his views on how sanctions risks can be mitigated. In Artem’s opinion, sanctions pressure will definitely ramp up in 2019. There is hope, however, that such escalation may take time and will not hit to the fullest extent.
Read more about the event here (in Russian)