US and EU to further enhance joint sanction enforcement efforts
The United States and the European Union are ‘exploring all possible avenues to aid Ukraine…including with regard to Russian sovereign assets,’ and are looking at how ‘any extraordinary revenues held by private entities stemming directly from immobilized Russian sovereign assets could be used to support Ukraine and its recovery and reconstruction consistent with applicable contractual obligations and in compliance with applicable laws.’ Such is the situation according to a joint statement following a US-EU ministerial meeting on Justice and Home Affairs which took place in the US capital, 13-14 November and which represented ‘an opportunity to reaffirm the strong transatlantic partnership…at a time of major geopolitical challenges.’
Other issues noted in the statement included the ‘paramount’ importance of ‘close cooperation on the full enforcement of sanctions, including trade related sanctions,’ as well as cooperation with other international partners, including G7 countries, so to avoid ‘any enforcement gap’.
The statement added: ‘This cooperation will be enhanced following the adoption of EU legislation on harmonizing criminal offenses and penalties for the violation of EU restrictive measures, as well as on asset recovery and confiscation.’
