On 28 September 2023, an important correction has been published in the Official Journal of the European Union regarding Council Regulation (EU) 2023/1214 of 23 June 2023. This regulation amends Regulation (EU) No 833/2014, which provides for restrictive measures in response to Russia’s actions in the framework of the conflict with Ukraine.
The correction in question is of great relevance and is applicable to those Firms that provide legal advisory services to Russian legal entities. International law firms dealing with such matters are advised to carefully review this correction and assess its impact on their activities.
Below you will find the published correction in full:
– Official Journal of the European Union· 28/9/2023 · L239/45 –
Corrigendum to Council Regulation (EU) 2023/1214 of 23 June 2023 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions which destabilise the situation in Ukraine.
· Official Journal of the European Union L 159 I of 23 June 2023 ·
On page 17, Article 1 (28)(d):
For: “(d) the following paragraph shall be added: ‘2b. By way of derogation from the Article 5n(2), the competent authorities may allow, until 31 March 2024, the provision of legal advisory services that are legally necessary for the implementation of a sale or transfer of ownership rights directly or indirectly of legal persons, entities or bodies established in Russia or to a legal person, entity or body established in the European Union.”
Read: “(d) the following paragraph shall be added: ‘2b. By way of derogation from Article 5n(2), the competent authorities may authorise, until 31 March 2024, the provision of legal advisory services that are legally necessary for the implementation of a sale or transfer of direct or indirect ownership rights belonging to legal persons, entities or bodies established in Russia into a legal person, entity or body established in the European Union.”
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More information:
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