On 21 December 2021, the Court of Justice of the European Union issued its judgment in Bank Melli Iran (C-124/20). The judgment relates to the application of the EU Blocking Regulation (Regulation (EC) No 2271/96). The Blocking Regulation prohibits EU businesses from complying with certain extraterritorial US sanctions targeting Iran and Cuba. In many Member States, breaches of the Blocking Regulation can expose you to criminal penalties, albeit that enforcement has been very minimal to-date.

Invitation to our webinar series Join us for our webinar series EU & UK Competition Law: Essential Knowledge for In-house Lawyers (e.g. non-specialists). Competition law remains a priority compliance area for businesses. It impacts upon a wide variety of day to day business practices, from pricing, distribution and managing suppliers…