In an unprecedented move, the European Union (EU) and the United Kingdom (UK) have imposed extensive import restrictions on Russian-origin iron and steel. The nature of these new measures is such that they prohibit the import of iron or steel products processed in countries other than Russia but which incorporate Russian-origin iron or steel components. This action forms part of a series of noteworthy sanctions updates that the EU and UK introduced in 2023.
The firm Latham & Watkins LLP has contributed to the understanding of these developments through their frequent updates, iterating that these sanctions are being adopted with increasing frequency by different jurisdictions around the world on Russia. Even as the situation unfolds, it is crucial to track these rapidly fluctuating legal parameters.
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