Herbert Smiths Corporate Crime and Investigations team have published an e-bulletin summarising recent developments in the EU’s sanctions imposed against Russia.

It includes points of interest arising from the recent judgment in Rosneft’s judicial review application, which concerned certain aspects of the UK’s implementation of the sanctions.

The High Court has referred a number of questions to the EU Court of Justice (CJEU), including questions relating to:

• the validity of certain elements of the sanctions (relating to the oil sector and the capital markets restrictions); and
• whether the capital markets restrictions prevent the issuance of GDRs in relation to existing transferable securities. The High Court expressed the provisional view that the FCA is correct in its view that the issue of new GDRs in relation to existing shares is prohibited.

The e-bulletin is available here.