Current ways to protect the rights and ensure the economic security of Russian individuals and legal entities in the context of international economic sanctions

Restrictive measures, or so-called “sanctions”, were introduced by the countries of the European Union against the Russian Federation, its citizens, and legal entities in 2014. The introduction of restrictive measures was initially seen as a threat to Russia’s economic security and sovereignty, so the Russian authorities were forced to respond by introducing retaliatory measures, or counter-sanctions. The subject of this article is the various possibilities for defending or challenging the imposed restrictive measures provided for by the legislation of the European Union and its member States, as well as the most famous and significant cases of appealing against these sanctions. The aim of the study is to systematize various ways of challenging restrictive measures in the bodies of the European Union, to develop a mechanism for such a challenge, as well as to collect statistical information on completed cases in which sanctions against certain persons were successfully challenged, or the lifting of restrictive measures was refused. The relevance of the topic is expressed in the unrelenting pressure of foreign states on the sovereignty and economic security of Russia. The scientific novelty is due to the lack of systematic research on the mechanisms for challenging sanctions. The authors apply descriptive, historical, and comparative analysis methods. The authors identified a certain mechanism of opportunities and tools for challenging restrictive measures in the bodies of the European Union, as well as defined a chain of actions to launch an appeal mechanism for certain restrictive measures. The authors conclude that stakeholders should initiate and participate in sanctions appeal procedures as there is good practice in lifting restrictive measures.

1. Hufbauer G., Schott J., Elliott K., Oegg B. Economic sanctions reconsidered. 3 rd ed. Washington, DC: Peterson Institute for International Economics; 2007. 248 p.

2. Mohsin S. Sanctions. Bloomberg. Aug. 13, 2018. URL: https://www.bloomberg.com/quicktake/financial-war (accessed on 08.04.2019).

3. Linnikov A.S. The impact of international sanctions on activities of foreign companies in Russia. Bulletin of the Financial University. 2017;21(3):141-148. (In Russ.). DOI: 10.26794/2587-5671-2017-21-3-141-148

4. Potemkina O.S. Blocking statute as a EU sovereign trade policy tool. Analiticheskie zapiski Instituta Evropy RAN = Analitycal Papers of IE RAS. 2018;(50):18-26. (In Russ.).

5. Kazantsev S.V. Sanctions on Russia: Yesterday and today. EKO: vserossiiskii ekonomicheskii zhurnal = ECO Journal. 2015;(3):63-77. (In Russ.).

6. Kazantsev S.V. Evaluation of the sanctions impact on sanctioning countries’ trade with Russia. Finance: Theory and Practice. 2019;23(3):6-15. DOI: 10.26794/2587-5671-2019-23-3-6-15

7. Entin K.V. Autonomous restrictive measures against third countries in the case law of the European Union Court of Justice. Mezhdunarodnoe pravosudie = International Justice. 2016;(1):95-103. (In Russ.). DOI: 10.21128/2226-2059-2016-1-95-103

8. Brkan M. The role of the European Court of Justice in the field of common foreign and security policy after the treaty of Lisbon: New challenges for the future. In: Cardwell P.J., ed. EU external relations law and policy in the post-Lisbon era. The Hague, New York: T.M.C. Asser Press; 2012:97-115.

9. Trubacheva K.I. Legal framework for building relationships between the European Union and the Republic of Belarus. Aktual’nye problemy rossiiskogo prava = Actual Problems of Russian Law. 2014;(5):970-974. (In Russ.).

10. Slepak V.Yu., Trubacheva K.I. Remedies in challenging the European Union sanctions. Lex russica. 2017;(9):127133. (In Russ.). DOI: 10.17803/1729-5920.2017.130.9.127-133

11. Zhbankov V.A., Trubacheva K.I., Slepak V.Yu. The legal regime of restrictive measures in European law. Aktual’nye problemy rossiiskogo prava = Actual Problems of Russian Law. 2015;(10):221-226. (In Russ.). DOI: 10.17803/1994-1471.2015.59.10.212-225

12. Kuznetsov A.V. Disintegration of the world trade system: Reasons and consequences. Finance: Theory and Practice. 2019;23(5):50-61. (In Russ.). DOI: 10.26794/2587-5671-2019-23-5-50-61

13. Bracchi D., Maslennikov V.V., Linnikov A.S. Eurozone crisis scenario: Possible developments and lessons for economic integration communities with participation of Russia. Finansy: teoriya i praktika = Finance: Theory and Practice. 2017;21(5):72-81. DOI: 10.26794/2587-5671-2017-21-5-72-81

14. Mikheeva I.V., Loginova A.S. “Every cloud has a silver lining”, or what do economic sanctions mean to Russia? Bulletin of the Financial University. 2016;20(6):78-84. (In Russ.). DOI: 10.26794/2587-5671-2016-20-6-78-84

15. Keshner M.V. Problem aspects of the application of restrictive measures. Rossiiskii yuridicheskii zhurnal = Russian Juridical Journal. 2019;(6):34-46. (In Russ.)

16. Glandin S. The law enabling sanctioned persons to move litigation to Russia: Background and reasons. Mezhdunarodnoe pravosudie = International Justice. 2021;(1):131-152. (In Russ.). DOI: 10.21128/2226-2059-2021-1-131-152

17. Helpman E., Melitz M.J., Yeaple S.R. Exsports versus FDI. NBER Working Paper. 2003;(9439). URL: https://www.nber.org/system/files/working_papers/w9439/w9439.pdf

18. Criscuilo C., Martin R. Multinationals and US productivity leadership: Evidence from Great Britain. The Review of Economics and Statistics. 2009;91(2):263-281. DOI: 10.1162/rest.91.2.263

19. Maslennikov V.V., Fedotova M.A., Sorokin A.N. New financial technologies change our world. Bulletin of the Financial University. 2017;21(2):6-11. (In Russ.). DOI: 10.26794/2587-5671-2017-21-2-6-11

20. Sereda A.V. Foreign experience of cryptocurrencies’ legal regulation: Models and approaches. Obrazovanie i pravo. 2019;(7):99-106. (In Russ.)