Unfreezing assets held with EUROCLEAR

The General Court of the European Union (EU) recently delivered a judgment in a case concerning the non-contractual liability of the Union (GC, Pumpyanskiy v Council, T-369/24), brought by a citizen holding Russian and Swiss nationality following the adoption of restrictive measures against him—the individual concerned being listed in Annex I to Regulation (EU) No… Continue reading EU General Court Rules for the First Time on Damages Claims After the Annulment of Sanctions

In one week, European Union leaders could approve proposals by the European Commission to “pledge as collateral” Russia’s immobilized sovereign reserves for a “reparations loan” to Ukraine. The vast majority of the Russian Central Bank’s (RCB) assets are located in Belgium (Euroclear), whose Prime Minister has repeatedly warned that transferring these assets for Ukraine’s benefit… Continue reading A Judicial Storm Looms: How the Central Bank Can Challenge the Confiscation of Reserves in the EU

Pursuant to Article 2 of Regulation (EU) No 269/2014, concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine, natural or legal persons designated in Annex I to that Regulation are subject to the freezing of all funds and economic resources belonging to them. It is also… Continue reading Harmonisation and Clarification of the EU Sanctions Regime: Insertion of the Concepts of “Ownership” and “Control”

Nearly fifteen years ago, the 2012 Finance Act introduced an apparently temporary tax, the Exceptional Contribution on High Incomes (CEHR), conceived “in a context of reducing public deficits and restoring our public finances,” intended “to request an exceptional effort from the wealthiest taxpayers.”¹