On Friday, 6 October 2023 the Court of Appeal handed down judgment in the case of Mints v PJSC National Bank Trust & Anr [2023] EWCA Civ 1132. This judgment is significant and is a key, albeit non-binding, indicator of the UK...more
The EU’s Foreign Subsidies Regulation (FSR) was adopted in late 2022. Its stated aim is to combat the effects of competitive distortions caused by foreign subsidies in the EU internal market and thereby level the playing...more
On 25 February 2023, the EU adopted its tenth sanctions package against Russia. More industrial, high-tech and aviation goods are now banned for export to Russia, while Russian bitumen and related materials, synthetic rubber...more
The EU has issued its eighth “package” of sanctions measures on Russia. Meanwhile, US agencies have issued guidance on “secondary” sanctions enforcement, designated additional SDNs, and restricted further exports to Russia —...more
If you (i) receive some form of financial support from foreign (non-EU) governments, and (ii) have activities or are planning to acquire a business in the EU, then you will want to read on....more
Authored by our Global Sanctions Team On 3 June 2022, the EU adopted a new round of sanctions against Russia and Belarus, banning the purchase, import or transfer into the EU of crude oil and petroleum products originating in...more
Authored by our Global Sanctions Team On 10 and 29 June 2022, Switzerland expanded existing sanctions and implemented new measures in response to Russia's ongoing military aggression in Ukraine. This new sanction set is in...more
This is part of a series of advisory alerts from Venable's International Trade and Logistics Group, published in response to the ongoing war in Ukraine. Earlier alerts on Russia and Ukraine sanctions are available in...more
The European Commission (EC) has published a proposal (Proposal) for a regulation on foreign subsidies that distort the internal market. The Proposal aims to address the perception that foreign subsidies have created an...more
On December 30, 2020, the EU and China announced the conclusion of the negotiations of the investment treaty, the EU-China Comprehensive Agreement in Investments (CAI). The CAI represents a strategic opportunity for EU...more
The EU has recently made certain notable EU asset freeze designations in relation to Belarus1 and Syria, focusing on various government officials – including President Alexander Lukashenko in Belarus - The Belarusian and...more
Over the past few years, Germany has strengthened the AWV regime. In parallel, the relevance of Germany's foreign direct investment control investigations for M&A transactions involving non-EU investors has grown. Even...more
During her five-year term as European commissioner for competition, Margrethe Vestager has earned a reputation for going hard after U.S. tech companies. This position had traction in certain European political circles and,...more
The geopolitical environment continues to drive reform of foreign investment rules in Europe, with government proposals clarifying and tightening such rules in the interest of national security. Recent foreign state-backed...more
The EU has agreed in principle on a strengthened framework to ensure that foreign investment does not threaten security and public order, while keeping the EU open to foreign investment. The draft FDI Regulation does not go...more
The Development: The European Commission ("Commission") issued a preliminary finding that ZSSK, Slovakia's state-owned railway, obstructed a dawn raid ("inspection") and infringed its obligation to comply with inspectors. ...more
The case itself is a judgement of 5 October 2017, following a request for a preliminary ruling from a regional court in Lithuania to the ECJ. The question submitted was essentially should a private company established by the...more
Proposal coordinates existing national screening mechanisms, grants the Commission powers to review investments of “Union interest.” European Parliament and Member States’ approval still required. Key Points: On 13...more
On the 13th September 2017 Jean-Claude Juncker, the European Commission President, unveiled a framework for investment screening for certain foreign mergers in his “State of the Union” address to the European Parliament. ...more
Against the background of UK policy moving towards a more nationally-led trade and investment policy following this summer’s referendum, the new UK government is still in the process of establishing its policies regarding...more
On June 20, 2016, you will be able to take a non-stop flight from Tehran to Paris . . . but you probably shouldn’t. According to its website, the Iranian airline Mahan Air will add the City of Lights to the list of...more
EC decision considering the control over SOEs may have far-reaching implications for future transactions of all Chinese SOEs in Europe. In its recent decision in Case COMP/M.7850 - EDF / CGN / NNB Group of Companies, the...more
Speed read - The European Commission took into account the revenues of all Chinese SOEs active in the energy industry to establish jurisdiction for merger control of a transaction....more
Tapping the Euromarkets - A number of Chinese issuers have issued bonds in the European debt markets recently. To date in 2015, more than ten Chinese companies have issued in excess of €9 billion of Euro-denominated...more
The European Commission (“Commission”) has approved without conditions Rosneft’s US$ 54.8 billion acquisition of TNK-BP. The Commission’s 8 March approval came two months after the Russian Federal Antimonopoly Service (“FAS”)...more