On Wednesday, 15 December 2022, the European Commission adopted its proposals for a new EU Gas Package, through a recast of the Gas Directive and Gas Regulation. Below is a summary of the main updates.
On 22 December 2021, the European Union Commission published its proposal for a directive to “prevent the misuse of shell companies for tax purposes”. The purpose of the Proposal is to discourage the use and creation of shell companies within the European Union.
On 9 December 2021, Singapore and the UK substantially concluded negotiations on the UK-Singapore Digital Economy Agreement (UKSDEA). The UKSDEA covers key areas of the digital economy, such as data, artificial intelligence, fintech, digital identities and legal technology.
On 21 December 2021, the Court of Justice of the European Union issued its judgment in Bank Melli Iran (C-124/20). The judgment relates to the application of the EU Blocking Regulation (Regulation (EC) No 2271/96). The Blocking Regulation prohibits EU businesses from complying with certain extraterritorial US sanctions targeting Iran and Cuba. In many Member States, breaches of the Blocking Regulation can expose you to criminal penalties, albeit that enforcement has been very minimal to-date.
On December 2021, the UK Government announced a package of new measures with the aim of updating the export control regime in the UK.
HMRC has published a guidance note to remind traders that a number of customs changes entered into force on 1 January 2022 in relation to the movement of goods between Great Britain and the EU.
On 15 December 2021, the European Parliament adopted a resolution on the challenges and prospects for multilateral weapons of mass destruction arms control and disarmament regimes. The resolution calls for the EU to play a strong role, and for member states to show continuous support, in all major disarmament treaties and non-proliferation regimes.
On 20 December 2021, taking effect at 6pm CET, Switzerland amended its lists of sanctioned parties (Annexes 7, parties subject to financial sanctions, and 8, parties subject to financial restrictions), namely by adding 17 individuals and 11 entities and organizations to Annex 7. These are the same individuals and entities as listed under EU sanctions on 2 December. Among the entities added are Belavia Belarusian Airlines, State Production Association Belorusneft and Open Joint Stock Company Belshina.
On 25 November 2021, the new draft bill was registered in the State Duma providing for the extension of the exclusive competence of Russian arbitrazh (commercial) courts. The future amendments will provide the right for Russian persons to file a lawsuit against a foreign person who directly or indirectly contributed to the adoption of restrictive measures.
On 6 December 2021, the International Trade Committee (a House of Commons Selected Committee) launched a new inquiry into the interplay between the UK’s approach to trade and its foreign policy objectives.
The inquiry will consider the extent to which the UK Government should advance its foreign policy strategy through trade agreements. It will also examine whether free trade agreements and broader trade policy can be used to promote human rights, the rules-based international order and democratic values as well as the role of a trade agreement in advancing British interests globally.