Sanctions: A Legal Chess Play
On 24 June 2024, the EU introduced its 14th package of restrictive measures (Regulation 2024/1745). To protect EU operators, Regulation 2024/1745 introduced Articles 5ab, 11a, and 11b. Article 5ab prohibits transactions with entities filing claims in Russian courts under Article 248 of Russia’s Arbitrazh Procedure Code, with exceptions for essential activities and legal proceedings in EU member states like Cyprus. Article 11b provides a mechanism for EU companies to seek damages from entities benefiting from Presidential Decree No. 302.
For a deeper understanding of these sanctions, their implications, and their limitations, especially for businesses in Cyprus, explore the full guide on our website.
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