The European Commission announced an initiative on August 2, 2021 aimed at amending the Blocking Statute, Council Regulation (EC) No. 2271/96 of November 1996, based on the strategy introduced in its January 19, 2021 communication, “The European economic and financial system: fostering openness, strength and resilience.” The Commission will consider additional policy options that will further deter and counteract the unlawful extra-territorial application of third-country sanctions on EU operators and streamline the application of current EU rules that will include a reduction in compliance costs for EU citizens and businesses. The initiative is in response to the increased use of sanctions and other regulatory measures taken by certain third countries that has limited EU individuals and companies from engaging in legitimate business transactions that are not actually prohibited by EU law and lack a legitimate connection with the country imposing the restrictions – restrictions that have had a detrimental effect on the EU economy.
The Commission is accepting feedback and suggestions regarding this initiative from August 2, 2012 to August 30, 2021. The Commission will also publish the feedback received on its website and will issue a synopsis report on how it may or may not use certain suggestions.
European Commission Press Release | European Commission January 19, 2021 Communication | Combined Evaluation Roadmap – Inception Impact Assessment