ARTICLE
26 July 2021

Sanctions Round Up: Second Quarter 2021

AO
A&O Shearman

Contributor

A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
This quarter, the Biden Administration maintained its tough stance on China, revamping Trump-Era restrictions and expanding sanctions to include the PRC's surveillance technology sector.
United States International Law

This quarter, the Biden Administration maintained its tough stance on China, revamping Trump-Era restrictions and expanding sanctions to include the PRC's surveillance technology sector. In contrast, the Administration reversed years of U.S. Congressional policy by waiving key Nordstream 2 sanctions, effectively dropping U.S. opposition to the pipeline's completion. While the U.S. and Iran continued indirect talks in Vienna to explore reviving the JCPOA, a European court's interpretation of the EU blocking statute portends further challenges for European operators seeking to align their commercial dealings with U.S. extra-territorial sanctions. Elsewhere, the U.S. continued efforts to cut off vital sources of revenue to Myanmar's military, sanctioning several state-owned enterprises. Finally, the Department of Justice secured its first settlement pursuant to its new "Export Controls and Sanctions Enforcement Policy."

View full memo, Sanctions Round Up: Second Quarter 2021.

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