ECJ Upholds Sanctions On Russian Banks Over Ukraine

Law360, London (June 25, 2020, 4:13 PM BST) -- The European Union's top court declined on Thursday to lift sanctions imposed against two Russian-state backed lenders after the country annexed Crimea in 2014, ruling that the measures promote "peaceful settlement" by driving up costs for Russia.

The European Court of Justice dismissed appeals by VTB Bank and Vnesheconombank against restrictive measures blocking their access to some financial instruments and to the EU's capital markets.

The bloc's heads of state are not limited to punishing Russia directly for the turmoil in Ukraine over the disputed Crimean peninsula, the court said. Lawmakers have "broad discretion" in complex assessments of "political, economic and...

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