The text of the new European Battery Regulation (referred to as the Regulation) has now received formal approval from both the European Parliament (14 June) and the Council of the EU (10 July). Aiming to ensure the safety, sustainability, and competitiveness of batteries, the Regulation will target the entire life cycle of batteries, from their
Since February 2022, following the outbreak of the war against Ukraine, the EU adopted its 11th round of sanctions against Russia on 23 June 2023.
The latest sanctions package centres around a newly introduced anti-circumvention tool, described by the European Commission as a measure of last resort that “will allow the EU to restrict
On 23 June 2023, the EU published its 11th sanctions package.
We set out below a summary of key highlights in this latest update. These are all subject to further interpretative guidance provided by the EU, where applicable.
The new round of sanctions extends the categories of persons that may be subject to an asset freeze, to include not only natural or legal persons, entities or bodies facilitating infringements of the prohibition against circumvention but also those that are significantly frustrating the provisions laid out by EU sanctions.
Over 100 additional individuals and entities have been added to the list of entities and individuals subject to asset freezing measures, including senior military officials, decision makers, Russian IT companies, banks, businesspersons, judges etc. In total 1572 entities and 244 individuals are currently listed as being subject to asset freezes.
Two new banks are designated, MRB Bank and CMRBank. An authorisation may be granted to release frozen funds or resources belonging to them if such funds or economic resources are necessary for the purchase, import or transport of agricultural and food products, including wheat and fertilizers.
Continue Reading EU 11th Sanctions Package – Update
The Carbon Border Adjustment Mechanism (CBAM) is a measure to ensure that imported goods pay a price for their carbon emissions that is comparable to the price paid by EU domestic producers under the EU Emissions Trading System (EU ETS). The CBAM Regulation entered into force on 17 May 2023. During the transitional period (1 October 2023 – 31 December 2025), declarants must submit quarterly CBAM reports to the CBAM Transitional Registry no later than one month after the end of the relevant quarter.
On 13 June 2023, the European Commission communicated a draft implementing regulation (IR) on reporting obligations. Below, we review the key elements of the draft IR. Interested parties can submit their comments to the Commission until 11 July 2023.
The CBAM Regulation entered into force on 17 May 2023. During the transitional period (1 October 2023 – 31 December 2025), declarants must submit quarterly CBAM reports that include: (i) the total quantity of imported goods; (ii) the direct and indirect emissions embedded in the imported goods; and (iii) any carbon price effectively paid in the country of origin for the embedded emissions. The CBAM Regulation empowers the Commission to adopt an implementing regulation on reporting obligations. On 13 June 2023,the European Commission published a draft IR on reporting obligations, which will be applied during the transitional period.
To understand the basic features of the CBAM, please see our previous alert.
Continue Reading EU Carbon Border Adjustment Mechanism: consultation open until 11 July on the reporting measures to apply during the transitional period
In May 2023, the European Union (EU) adopted Regulation (EU) 2023/1115 on the making available on the Union market and the export from the Union of certain commodities and products associated with deforestation and forest degradation (the Regulation). The Regulation was officially published on 9 June 2023 and will enter into force on 29
On 17 May 2023, the European Commission published its proposals to reform and modernise the Union Customs Code. These proposals follow years of discussions and calls for a structural change to the Union Customs Code, which was no longer adequate to meet new challenges and contained weaknesses that led to the emergence of obstacles to
To address the growing number of technical queries from non-EU operators and authorities on the scope and implementation of EU sanctions against Russia, the Commission has set up a new dedicated mailbox at ec-sanctions-international@ec.europa.eu
Non-EU operators and authorities who seek to receive guidance from the Commission on how to interpret EU sanctions are now invited
The UK government has opened an exploratory consultation to consider a range of possible policy measures to mitigate carbon leakage and to ensure the correct policy infrastructure is in place to decarbonize.
In a recent post, our team examines the potential measures, like a domestic carbon border adjustment mechanism (CBAM), that the UK government
G7 leaders have announced new economic commitments designed to hold Russia accountable for its war against Ukraine. We discuss these commitments and provide an overview of the latest sanctions imposed on Russia by the United States, European Union, and United Kingdom in our recent alert on reedsmith.com.