What is a bank to do when an individual depositor files a chapter 7 bankruptcy petition? Do the turnover requirements of the US Bankruptcy Code allow the bank to put a freeze on the debtor’s account, at...more
On 24 November 2013, an agreement was reached between the E3+3 (also known as the P5+1, and which includes the United States, United Kingdom, Russia, China, France and Germany) and Iran....more
On 29 November 2014, the European Union (EU) published measures targeting additional individuals and organisations to be added to the scope of EU sanctions measures against Russia. These measures widen the EU sanctions in...more
As per a recent request from the EU Council, the EU has extended its sanctions in relation to Ukraine by adding 13 persons and five organizations to the asset freeze list based on their involvement in recent elections in the...more
On October 23, 2014, in Motorola Credit Corp. v. Standard Chartered Bank, No. 162, 2014 N.Y. LEXIS 2946 (2014), the New York State Court of Appeals, New York’s highest court, answered in the affirmative the following question...more
On October 23, 2014, the New York Court of Appeals held for the first time that, under New York law, the "separate entity" rule prevents a court from ordering a foreign bank operating branches in New York from restraining a...more
In Motorola Credit Corporation v. Standard Chartered Bank (“Motorola”), the New York Court of Appeals reaffirmed the “separate entity rule,” holding in a 5 – 2 opinion that a judgment creditor’s service of a restraining...more
Since early March 2014, a number of countries have imposed various types of sanctions against Russia and certain persons in Ukraine in connection with events in Ukraine. We have issued a series of updates covering, in...more
Over the past six months, the United States and the European Union have coordinated efforts through sanctions and trade controls to respond to Russian activity in Crimea and Ukraine. Following a long series of incremental...more
Online diploma mills, which require little or no coursework to complete a degree have recently garnered much attention within the online education realm. Websites which offer questionable diplomas for hundreds of dollars...more
The Securities and Exchange Commission has obtained an emergency asset freeze of a Turks and Caicos company that allegedly ran a Ponzi scheme in Florida. According to the SEC’s complaint, between November 2004 and May 2014,...more
On Friday 12 September 2014, an additional set of EU sanctions measures entered into force against the Russian Federation.
On 31 July 2014, the European Union adopted Regulation 833/2014, imposing...more
The European Union (EU) put into effect on Friday (September 12, 2014) a new round of economic sanctions against Russia over its role in Ukraine. ...more
Note: This is an update to our last bulletin on this subject of 13 August 2014. The new measures are relevant to Harneys' core jurisdictions: Cyprus, the British Virgin Islands and the Cayman Islands.
The US and EU take coordinated action to broaden and align their Russia-related sanctions — which may evolve further depending on Ukraine peace plan progress.
On September 12, 2014, the US and the EU announced new and...more
Today, the EU published a second round of targeted sanctions against Russia. These new measures expand the EU’s existing Russia sanctions and restrict access to capital markets covering certain loans and credit, trade in...more
A new regulation establishing a European Account Preservation Order (EAPO) came into force on 17 July 2014 and will be applied by participating Member State courts from 18 January 2017. This instrument represents a new (and...more
OFAC expands the scope of its 50% rule.
On August 13, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued “Revised Guidance on Entities Owned by Persons Whose Property and Interests in...more
Against the background of recent European Union (EU) sanctions targeting Russian airline Dobrolet, this note provides a general overview of relevant issues – especially in the context of the aircraft sector.
This Alert follows our previous alerts on the Russia/Ukraine sanctions available on our website. July continued to be a busy time as the Verkhovna Rada (the Ukrainian Parliament), the EU and the United States intensified...more
Following an intense week of diplomatic negotiations, on July 29, the European Union and United States jointly announced a new round of economic sanctions targeting certain sectors of the Russian economy. The development...more
The EU’s “Stage 3” sanctions restrict exports to the Russian military, exports of certain technologies for the oil industry, and certain Russian State-owned banks’ access to EU capital markets.
New EU Measures Target...more
This alert resumes three changes to EU sanctions adopted over the past week. This week is likely to be equally busy as further sanctions on Ukraine and Russia are expected imminently.
First, and most important, the...more
The EU has introduced new sanctions measures, namely the following:
• The addition of 11 ‘rebel’ names to the Ukraine asset freeze list; and
• The introduction of an asset freeze in relation to South Sudan,...more
The EU Council on 23 June 2014 took several sanctions-related actions,1 all effective on 24 or 25 June 2014, including:
• the introduction of an EU import ban for products from Crimea and Sevastopol (and related...more
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