When a jurisdiction’s laws apply extraterritorially or regimes conflict, companies are left wrestling with whether to proceed with certain transactions. This is particularly true in relation to the economic sanctions regimes in the European Union and the United States.
The European Union Blocking Statute was originally adopted in 1996 to counteract US sanctions on Cuba, Iran and Libya, but following a memorandum of understanding entered into between.
On December 21, 2021, the Court of Justice of the European Union (CJEU), sitting as a "Grand Chamber" (a formation used, among others, in particularly complex or important cases).
The EU needs to develop an Anti-Coercion Instrument that acts as a powerful economic deterrent, but this alone will not sufficiently protect Europe against economic coercion