The Sanctions Principles-Based Regulation: A Blueprint for a New Approach for the EU Sanctions Policy (Part I)

IF 1.3 Q1 LAW European Company and Financial Law Review Pub Date : 2024-09-18 DOI:10.1515/ecfr-2024-0006

Iuliia Khort

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Abstract

192 Despite the tremendous number of studies devoted to the effectiveness of economic sanctions, the unprecedented number of sanctions applied and the recent European Union (EU) reforms on sanctions, sanctions effectiveness should be still a matter of debate. More than a year after Russia’s full-scale invasion of Ukraine, but G7-led sanctions have not materially hindered Russia’s war effort. This study intends to address this problem by focusing on how to make the use and application of EU sanctions against Russia more effective. In doing so, I argue that the main impediments to EU sanctions effectiveness are systemic in nature and inherent to the EU sanctions policy framework. The piecemeal changes of the EU sanctions regulatory framework undertaken so far have not solved these systemic flaws that undermine the effectiveness of EU sanctions. A fundamental revision of the entire system of the EU sanctions policy framework is needed. This study proposes implementing a comprehensive principles-based framework for EU sanctions policy, where harmonisation and the risk-based approach are its foundations, to make sanctions more effective. The proposed sanctions principles-based framework is broader in its scope than is currently the case; it covers a broader set of principles. The proposed frame includes all the stages of the sanctions process, is addressed to a broader number of actors and its foundations are developed. I recommend that this sanctions principles-based framework should be mandatory for use. This is the first part of a two-part article. Part I of the article discusses the need for the revision of the regulatory approach to the EU sanctions policy to increase the effectiveness of sanctions. It includes the analysis of the EU sanctions as a foreign policy instrument and a comprehensive overview of the EU regulatory framework on sanctions as well as the analysis of imposition of the EU sanctions against Russia. Part I also discusses policy proposals for the effectiveness of the EU sanctions, such as harmonisation of the EU sanction policy and the application of a sanctions risk-based approach.

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基于原则的制裁条例：欧盟制裁政策新方法蓝图（第一部分）

192 尽管对经济制裁的有效性进行了大量研究，实施的制裁数量空前，欧盟（EU）最近也对制裁进行了改革，但制裁的有效性仍然是一个值得讨论的问题。俄罗斯全面入侵乌克兰已一年有余，但七国集团主导的制裁并未在实质上阻碍俄罗斯的战争努力。本研究旨在解决这一问题，重点探讨如何使欧盟对俄罗斯制裁的使用和实施更加有效。为此，我认为欧盟制裁有效性的主要障碍是系统性的，是欧盟制裁政策框架所固有的。迄今为止对欧盟制裁监管框架进行的零敲碎打的改革并没有解决这些削弱欧盟制裁有效性的系统性缺陷。需要对欧盟制裁政策框架的整个体系进行根本性的修订。本研究建议实施一个全面的基于原则的欧盟制裁政策框架，以协调和基于风险的方法为基础，使制裁更加有效。与目前的情况相比，拟议的基于原则的制裁框架范围更广，涵盖的原则更多。拟议的框架包括制裁过程的所有阶段，面向更多的行为者，其基础也得到了发展。我建议强制使用这一基于制裁原则的框架。本文为两部分文章的第一部分。文章第一部分讨论了修订欧盟制裁政策监管方法以提高制裁有效性的必要性。其中包括对欧盟制裁作为外交政策工具的分析、欧盟制裁监管框架的全面概述以及欧盟对俄罗斯实施制裁的分析。第一部分还讨论了提高欧盟制裁有效性的政策建议，如统一欧盟制裁政策和采用基于风险的制裁方法。

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来源期刊

European Company and Financial Law Review LAW-

CiteScore

1.00

自引率

16.70%

发文量

期刊介绍： In legislation and in case law, European law has become a steadily more dominant factor in determining national European company laws. The “European Company”, the forthcoming “European Private Company” as well as the Regulation on the Application of International Financial Reporting Standards (“IFRS Regulation”) have accelerated this development even more. The discussion, however, is still mired in individual nations. This is true for the academic field and – even still – for many practitioners. The journal intends to overcome this handicap by sparking a debate across Europe on drafting and application of European company law. It integrates the European company law component previously published as part of the Zeitschrift für Unternehmens- und Gesellschaftsrecht (ZGR), on of the leading German law reviews specialized in the field of company and capital market law. It aims at universities, law makers on both the European and national levels, courts, lawyers, banks and other financial service institutions, in house counsels, accountants and notaries who draft or work with European company law. The journal focuses on all areas of European company law and the financing of companies and business entities. This includes the law of capital markets as well as the law of accounting and auditing and company law related issues of insolvency law. Finally it serves as a platform for the discussion of theoretical questions such as the economic analysis of company law. It consists of articles and case notes on both decisions of the European courts as well as of national courts insofar as they have implications on European company law.