In this video of our series, Sanctions 360°, we consider, a so-called, Blocking Statute, being a legislation which purpose is to neutralise the extraterritorial effect of third-party national sanctions’ regimes (such effects are also know as “secondary” sanctions).
We do so by, first, providing a brief historical expose of the subject. We then take the EU Blocking Statute, as an example of such legislation, and consider the efficiency of such a statute in achieving its purpose. We conclude by analysing a few practical situations when a party may wish to invoke the Blocking Statute in its disputes.
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