Extra-territorial sanctions and the review of the EU Blocking Statute, egmontinstitute.be

The European Union does not recognise the extra-territorial application of laws adopted by third countries and considers such effects to be contrary to international law. In 1996, the United States took such measures concerning Cuba, Iran and Libya. In response, the EU adopted the Blocking Statute (Council Regulation (EC) No 2271/96). The Blocking Statute protects EU individuals and companies engaged in lawful international trade, as well as related commercial activities, against the effects of the extra-territorial legislation adopted by third countries.

In its 2021 Communication “The European economic and financial system: fostering openness, strength and resilience” of 19 January 2021, the European Commission announced that it would consider amending the Blocking Statute to further deter and counteract the unlawful extra-territorial application of sanctions to EU operators. Läs artikel