On 7 December 2020, the Council of the EU announced the introduction of a new global human rights sanctions regime, as part the EU Action Plan on Human Rights and Democracy 2020-2024.
The new regime introduces a framework to impose a travel ban and asset freeze on individuals and entities identified as responsible for, involved in or associated with, serious human rights violations and abuses worldwide.
In a unanimous decision, the Supreme Court has confirmed that the right to draw down under loan agreements is caught by the expanded definition of "asset" contained in the current standard Commercial Court form of freezing order which includes "any asset which it (the respondent) has the power, directly or indirectly, to dispose of or deal with as if it were its own": JSC BTA Bank v Ablyazov  UKSC 64. To read more from our banking litigation team, click here.
On 21 March a new sanctions regime was imposed as regards certain Egyptian nationals and there were further amendments to the Libyan sanctions. Continue reading
On 27 February 2011 the Libya (Financial Sanctions) Order 2011 came into force in the UK, and was subsequently supplemented by the Libya (Asset-Freezing) Regulations 2011. Our previous bulletin describes the effect of this legislation in detail. Continue reading