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Georg Stigelbauer

Georg Stigelbauer is an associate in Covington’s International Arbitration Practice Group, based in the London office. His experience covers a broad range of contentious matters, including international commercial arbitration, investor-state disputes, and enforcement proceedings in the courts of England and Wales.

Georg has acted for sovereign states, corporations, and high net worth individuals in complex arbitrations governed by various substantive laws and seated in jurisdictions throughout the world. He has experience of international disputes under many of the major institutional rules including LCIA, ICC, ICSID, PCA, and ad hoc proceedings under the UNCITRAL Rules.

On 24 June 2024, the Council of the European Union (the “Council”) adopted a new package of economic sanctions against Russia. This 14th package of sanctions introduces a broad range of new prohibitions, including new export and import sanctions, new services restrictions, new sanctions designations and further measures targeting the Russian financial and energy sectors. The 14th package also includes measures relating to the circumvention of existing EU-Russia sanctions, including the imposition of a new, affirmative obligation for EU companies to address diversion and circumvention risks both within their own operations as well as the operations of their non-EU based subsidiaries.  

Finally, the new Russia measures expand the powers of courts within Member States to hear damages claims arising from the actions of Russian companies related to “sanctions implementation and expropriation”.

The new EU measures were adopted shortly after the United States and the United Kingdom adopted new Russia related export controls and sanctions, which we summarize in this alert.

Separately, on 30 June 2024 the EU passed a broad new set of sanctions relating to Belarus, including various measures intended to bring the EU-Belarus sanctions more closely in line with similar Russia-related measures.

The EU’s 14th Package of Sanctions Targeting Russia

Asset-freezing Designations

Council Implementing Regulation (EU) 2024/1746 designates additional individuals and entities to the EU asset-freezing list. The new designations target the Russian military sector but also include entities—and owners and senior managers of companies—operating in other sectors of the Russian economy, such as Russia’s largest shipping company, Sovcomflot, and OJSC Ural Airlines.Continue Reading EU Imposes Additional Sanctions Against Russia and Belarus