EU Sanctions Compliance in the Global Context: What Are Best Efforts Obligations?
Jan Dunin-Wasowicz and Sebastiaan Bennink1Artikel kopen € 79,00 excl. BTW
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European Union ("EU") sanctions compliance has gone global. Since the beginning of Russia's full-scale invasion of Ukraine in February 2022, the EU has continuously expanded the substantive and geographic reach of its restrictive measures in innovative and unprecedented ways.2 Among these latest innovations is a requirement, now enshrined in several EU sanctions regulations concerning Russia and Belarus, for legal and natural persons subject to EU law ("EU operators") to undertake their best efforts to ensure that any entity that they own or control outside the EU do not undermine EU sanctions against Russia and Belarus. This obligation is commonly referred to as the "best efforts" clause or requirement.3
Seen by some at first glance as an aspirational goal instead of an actual trade control, the best efforts clause is an enforceable legal requirement the importance of which should not be underestimated. Because of its novel and somewhat hybrid nature, the <...
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