Mediaboss Marketing

WASHINGTON

The U.S. and other Group of Seven nations rolled out a new wave of global sanctions against Russia over its invasion of Ukraine as they met Friday during a summit in Japan. The sanctions target hundreds of people and firms including those helping Russia to evade existing sanctions and export controls. Some of the sanctions focus on additional sectors of Russias economy, including architecture, construction and transportation.

After 15 months of war, the allied nations are still aiming at new targets for financial penalties that block, freeze and seize access to international funds.

Treasury Secretary Janet Yellen said the newest sanctions will tighten the grip on Russian President Vladimir Putins ability to wage his barbaric invasion and will advance our global efforts to cut off Russian attempts to evade sanctions.

But there are limits to how much impact they can have.

A look at the sanctions dynamics:

WHATS IN THE NEWEST ROUND?

The U.K imposed sanctions on 86 people and companies, including parties connected to the theft and resale of Ukrainian grain. It also banned the import of diamonds from Russia. The European Union, too, plans to restrict trade in Russian diamonds.

The U.S. hit individuals and organizations across 20 countries, focusing on people and firms helping the Kremlin evade existing sanctions to procure technology. The Commerce Department added 71 firms to its list, and the State Department put 200 people, firms and vessels on its blocked list.

Additionally, new U.S. reporting requirements were issued for people and firms that have any interest in Russian Central Bank assets. The purpose is to fully map holdings of Russias sovereign assets that will remain immobilized in G7 jurisdictions until Russia pays for the damage it has caused to Ukraine, the Treasury Department said.

HOW EFFECTIVE HAVE THE SANCTIONS BEEN SO FAR?

While the U.S. and other G7 nations have turned Russia into the most sanctioned country in the world, some foreign policy experts question the effectiveness of the financial penalties and point to Russias maneuvers to evade them and press its war effort.

Maria Snegovaya, a senior fellow at the Center for Strategic and International Studies, said Russia has demonstrated a remarkable degree of adaptability to Western sanctions.

She added that the war is relatively cheap for Russia to prosecute, amounting to up to an estimated 5% of GDP.

That is easily manageable for Russia in the next couple of years at least, and the cumulative effect of sanctions is just not strong enough to radically alter that, she said.

U.S. officials defend the effectiveness of the sanctions, and argue that they are not designed to work immediately.

Along with imposing individual sanctions, the U.S. and allies have frozen Russian Central Bank funds, restricted Russian banks access to SWIFT the dominant system for global financial transactions and imposed a $60-per-barrel price cap on Russian oil and diesel.

The Treasury Department on Friday in a new progress report said the price cap has been successful in suppressing Russian oil revenues. It cited Russian Ministry of Finance data showing that the Kremlins oil revenues from January to March of this year were more than 40% lower than in the same period last year.

Despite widespread initial market skepticism around the price cap, market participants and geopolitical analysts have now acknowledged that the price cap is accomplishing both of its goals, the Treasury Department report.

WHY ARE THE US AND ITS ALLIES STILL FINDING NEW TARGETS?

Treasury officials say that as sanctions are imposed, Russian intelligence keeps looking for ways to get around them, requiring constant adjustments.

Newer sanction efforts have been dedicated to the evaders and the facilitators of evasion, who help Russia acquire supplies and technology.

We know the Kremlin is actively seeking ways to circumvent these sanctions, Treasury Deputy Secretary Wally Adeyemo said earlier this year.

One of the ways we know our sanctions are working is the Kremlin has tasked its intelligence services, such as the FSB and GRU, to find ways to get around them.

Among other things, U.S. officials say, Moscow has turned to North Korea and Iran to resupply the Russian military with drones and surface-to-surface missiles.

WHAT MORE IS THERE TO SANCTION?

Treasury officials say future targets could include newly identified firms and people connected to supply chains that help Russia gain materials for the war, front companies that help Russia evade sanctions and rogue actors from North Korea and Iran.

For the past month, Treasury officials Brian Nelson and Liz Rosenberg have traveled across Europe and Central Asia to press countries that do business with the Kremlin to cut off financial ties because of the war on Ukraine.

They are also increasingly sharing intelligence between countries and firms to spot evasion.

There are also calls for the U.S. and allies to confiscate and transfer Russias central bank funds to Ukraine for the war effort.

The G7 countries must sustain and augment their efforts, including by confiscating frozen reserves of the Central Bank of Russia to help fund Ukraines reconstruction, said Jeffrey J. Schott, a senior fellow at the Peterson Institute for International Economics.

Go here to read the rest:
Here come more sanctions: How effective are they are stopping ... - The San Diego Union-Tribune

Event to mark 50 years of European Union membership

Published: Fri 19 May 2023, 6:12 PM

Maynooth University was host to a watershed two-day event marking the fiftieth anniversary of the EU, bringing together politicians, academics, diplomats, policy makers and members of civil society to evaluate the highs and lows of Irelands membership.

On 1st January 2023, Ireland reached a historic milestone - the fiftieth anniversary of its accession to the European Communities. Co-organised by Maynooth University and the Institute of International and European Affairs (IIEA), this event examined the span of Irish membership of the EU from the perspective of policy, politics and transformation.

The conference focused on the most important themes that helped define 50 years of Ireland's participation in European integration, and share insights into events that continue to shape Irelands role within the EU.

Alex White, IIEA Director General said: Since 1973 a key feature of Irelands EU membership has been public debate about Irelands role in Europe, expressed most intensely during referendum campaigns. It has now been 14 years since the last EU referendum in Ireland which is more than a lifetime in politics. But the EU will have to change the way it works. From how decisions are made, to the areas EU members cooperate on, big questions will need to be answered. Covid 19 showed us that Europe working together to supply vaccines was of great benefit to Ireland. So, should health now become an EU competency? That would require treaty change. The IIEA is delighted to co-host this conference, assessing the past 50 years, and looking ahead to the next chapter of Irelands European engagement.

John OBrennan, Jean Monnet Professor of European Integration at the Centre for European and Eurasian Studies, Maynooth University, said: The fiftieth anniversary of Irish accession to the European Union is an appropriate moment to stop and reflect on what has been achieved over 50 years of increasing cooperation with partner states in Europe. Ireland is often viewed as one of the great success stories of the European project. There is lots of evidence to support this view. But we have also made mistakes which complicated relations with our partner states.

The conference will reflect on the lessons we might learn from our participation in the EU and how we can drive forward further transformation of the country, especially through cooperation on climate change, with our EU partner states.

A range of politicians from across the political spectrum gathered at Maynooth University, including Mairead McGuinness, EU Commissioner for Financial Stability, Financial Services, and the Capital Markets Union; former Taoisigh Bertie Ahern and John Bruton and Alan Dukes, former Minister for Finance.

Speakers also included Barry Andrews, MEP, and former Minister of State for Children; Alex White, a former Minister for Communications, Energy and Natural Resources, Marian Harkin, TD and former MEP, and Proinsias de Rossa, a former Government minister and former MEP.

Academics from universities across the island include Professor John OBrennan, Maynooth University, Dr Mary C Murphy, UCC, and Dr Lisa Claire Whitten, Queens University Belfast.

President of Maynooth University, Professor Eeva Leinonen, said: Maynooth University is very closely involved with partners across the EU in addressing many of these key societal challenges, collectively and collaboratively. We now have more than 2,000 students taking modules on Europe in any given academic year. Our University has forged excellent collaborations in research and teaching with universities across Europe, most recently through the Arqus European University Alliance, and we continue to expand that cooperation. The EU is justifiably considered an important vehicle that facilitates and supports such endeavours.

Published: Fri 19 May 2023, 6:12 PM

Original post:
EU will have to change the way it works, Maynooth University ... - Meath Chronicle

19 May 2023

Herbert Smith Freehills

To print this article, all you need is to be registered or login on Mondaq.com.

As we reported last week (27 April 2023), theEuropean Commission has issued proposals for a new SPC regimeacross the EU. Under the new proposal, i) a new centralisedprocedure for the grant of SPCs is introduced for medicinalproducts that have been centrally authorised, and ii) a new unitarySPC to complement the Unitary Patent is introduced. The key pointsto note in this regard are as follows:

This route will only be available to medicinal products thathave been authorised centrally SPC applications on thebasis of decentralised and national authorisations cannot takeadvantage of this route:

Once the Unitary Patent comes into effect from 1 June 2023, itwill also be possible to seek a Unitary SPC on the basis of aUnitary Patent via the same centralised application procedurementioned above:

The changes to the SPC regime attempt to resolve problemsencountered owing to the variation in approach of national patentoffices in their assessment of SPC applications, and are aimed atsimplifying and streamlining the process for applicants. In theCommission's own words:

The cost of seeking additional protection will be greatlyreduced: estimated savings of 137 000 per applicant forreceiving EU27 wide, five-year-long SPC protection, bringing the EUcloser to its main trading partners. The increased transparencyresulting from this centralised procedure will also make it easierfor generics manufacturers to be informed of the protection statusof a given product across the EU, and to make business plansaccordingly.

The proposal requires the repeal and recast of the twoRegulations that currently deal with SPCs for medicinal productsand plant protection products, as well as the introduction of twonew Regulations creating a new unitary SPC, one each of medicinaland plant products. The proposed Regulations will still need to bediscussed and agreed by the European Parliament and the Council ofthe European Union in view of their adoption and entry intoforce.

What is an SPC? An SPC provides an extensionterm for a patent of up to five years, for a human or veterinarymedicinal product, or a plant protection product, that has beenauthorised by regulatory authorities. It provides a compensatoryextension of the monopoly to allow for the time it takes to getproducts to market via the regulatory system. SPCs are currentlyawarded at a national level individually for eachterritory. This has led to some variation in application of thecriteria for awarding SPCs, creating legal uncertainty, proceduralinefficiencies, and many referrals to the CJEU. It had also been asource of concern for stakeholders that in respect of the newEuropean patent with unitary effect (the unitary patent (UP) whichwill become available as an option at grant for European patentsfrom 1 June 2023 when the UPC comes into effect) as no SPC righthad been proposed to accompany the new unitary patent right.

The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.

POPULAR ARTICLES ON: Intellectual Property from European Union

Katten Muchin Rosenman LLP

Love it or hate it, artificial intelligence, and particularly ChatGPT, has flooded the news in recent months. Whether you are a lover or a hater of artificial intelligence, the frenzy around ChatGPT...

Here is the original post:
European Commission Announces New Centralised Application ... - Mondaq News Alerts

Speakers discuss the impact of recent crises on Europe's global role at a two-day conference in Florence.

Building Europe in times of uncertainty was the main theme of the 13th edition of the State of the Union conference.

Speakers from around the world flocked to the Italian city of Florence for the two-day event to discuss how much the European Union has changed as a result of past and present crises.

Lessons learned from two years of the COVID-19 pandemic and the consequences of Russia's invasion of Ukraine were some of the issues covered on the first day of talks.

Renaud Dehousse is President of the European University Institute:

"The main lesson seems that united, the Europeans are stronger. But saying this is only one part of the answer. It is fine to say we need to be united but if you have to be unanimous, for instance, on any action plan, then at the very best the European answer will not be as quick.

And currently, migration and the lack of an EU defence policy remain divisive issues among member states

Sometimes Europe only focuses on small problems and therefore its not able to face bigger challenges," says Italian Foreign Minister Antonio Tajani. "Why has Italy highlighted the need to deal with migration? because its an issue that is shared by everyone. Its not just an Italian problem.

The rule of law and the digital transition are other themes that were debated during in-person sessions.

Panellists also answered questions about Europes global role and how it has changed as a result of recent events.

"Unfortunately," saysTimothy Garton Ash, Professor of European Studies at the University of Oxford, "while we've got a little bit stronger,other people got a whole lot stronger, so that relative to China, to Russia, to India, to other non-Western powers, I think that we relatively week and that is part of our problem."

On Friday, the focus shifted to Europes foreign policy and the energy crisis - the worst Europe has ever faced.

That's something that can be seen both as an opportunity and a challenge, says the bloc's Director-General for Energy, Ditte Juul Jorgensen.

"We have tried to make sure that our responses align with our longer-term climate interest; that our emergency response also becomes part of the energy transition. Because that energy transition, that green energy, that efficiency in the system, is the way to keep those energies secure, but also to get affordable energy and greener energy."

Uncertain times aren't over and next year's European elections will be key to determining the future of the European Union. In the meantime, this two-day conference has sent out a very clear message: lessons drawn from the recent crises alone won't be enough to secure Europe's position in the long term.

Read the original post:
The State of the Union: Building Europe's long-term security - Euronews

WARSAW, May 6 (Reuters) - Poland will demand European Union sanctions on imports of Russian farm products, its ambassador to the EU Andrzej Sados was quoted as saying on Saturday by PAP news agency.

"Europe isn't threatened by disruptions in supply chain of farm products now, contrary, we have a problem of surpluses. We are resolving a problem of increased imports of farm products from Ukraine," Sados said, according to PAP.

The European Commission earlier this week set restrictions until June 5 on imports of Ukrainian wheat, maize, rapeseed and sunflower seed to ease the excess supply of these commodities in Bulgaria, Hungary, Poland, Romania and Slovakia.

Since Russia launched its invasion of Ukraine last year, the EU has adopted 10 sanctions packages against Russian individuals and companies. Poland in April proposed a new set of punitive measures against Moscow, including a ban on pipeline oil and diamond imports.

Reporting by Marek StrzeleckiEditing by Peter Graff

Our Standards: The Thomson Reuters Trust Principles.

Read more from the original source:
Poland to call for EU sanctions on imports of Russian farm products - Reuters