The European Union has extended economic sanctions targeting specific sectors of the Russian economy until 31 January 2017.
This extension will enable the Council to further assess the implementation of the Minsk agreement (in general, a cease-fire and political settlement of the conflict in Ukraine)—as agreed by the leaders of Ukraine, Russia, France, and Germany and pro-Russian separatists in March 2015. The lifting of the EU sanctions depends on Russia fulfilling its obligations under the Minsk agreement.
The UK referendum decision to leave the EU—“Brexit”—is expected to affect UK export controls and sanctions regimes. It also raises questions with regard to the free movement of goods within the EU, including the free movement of dual-use goods. For example, will the EU and UK provide general export authorizations, allowing the free movement of dual-use goods between their territories, or will individual export licenses need to be obtained? At this point, it appears that there will be an increased compliance burden for EU-UK trade that does not exist for trade among the EU Member States.
Read an August 2016 report prepared by the KPMG member firms in the Netherlands: Developments concerning EU export controls and sanctions
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