Sanctions Top-5 for the week ending 20 August 2021

Here are five things that happened this week in the world of economic sanctions that I think you should know about.

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  1. In a surprise move, the Standing Committee of China’s National People’s Congress (NPCSC) decided to postpone the adoption of a measure to incorporate elements of the PRC Anti-Foreign Sanction Law into Hong Kong’s Basic Law. According to reports, the delay will allow Chinese lawmakers more time to gather information and consider the issue.

Comments

Apparently, the NPCSC saw no reason to rush into adopting a Hong Kong version of the Anti-Foreign Sanction Law. And why would they? Business in Hong Kong is booming despite foreign sanctions. A hastily passed law could upset that. As I’ve said before, it’s probably inevitable that the law will come to the Special Administrative Region given its importance to China’s national security. But it may be some time before we know what it will look like. (No complaints from me!)

As mentioned in May 2021, the Biden administration waived secondary sanctions against Nord Stream 2 AG and its CEO and corporate officers under the Protecting Europe’s Energy Security Act (PEESA). The new Executive Order and SDN designations (most of which are just a reshuffle from the NS-MBS List to the SDN List) are probably more for political consumption in Washington than anything. (For more on the Nord Stream 2 issue, read my team’s blog post here.)

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(The views expressed are my own and do not constitute legal advice. Photo from Vladislav Reshetnyak.)

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Nicholas Turner

US attorney in Hong Kong specializing in economic sanctions, financial crimes. Sign up for emails: http://eepurl.com/cVhTXf LinkedIn at: http://goo.gl/KX1jER