The Restriction on Trust Services: a New Sanction in Need of Improvement

Luc Thévenoz

Jump to Content

Chapter 16 The Restriction on Trust Services: a New Sanction in Need of Improvement

In: International Sanctions: Monetary and Financial Law Perspectives

Author:

Luc Thévenoz

Luc Thévenoz
Search for other papers by Luc Thévenoz in
Current site
Google Scholar
PubMed

Type:: Chapter

Pages:: 364–382

DOI:: https://doi.org/10.1163/9789004705708_018

Purchase instant access (PDF download and unlimited online access):

€42.00€35.00 excl. VAT

Add to Cart

Redeem Access Token

Abstract

The sanctions against Russia are unprecedented in their scope and impact. They are also rife with innovation. The ban on trust services for Russian individuals and companies is one such innovation for which the EU takes credit. While it appears to target private trusts for wealthy Russian individuals, it affects many other trusts that have other commercial or financial purposes and should not be in scope. This chapter compares the specific restrictions adopted by the EU Council and the UK government. The UK sanction on trust services, which was adopted nine months after the EU, addresses several problems that are not satisfactorily resolved by EU Regulation 833/2014. Contrary to expectations, the problems identified in this chapter affect not only Russian settlors, beneficiaries, and trustees, but also all European financial institutions that service trust assets. An excessive restriction on trust services creates a competitive hurdle for the European banking and financial industry. The policy for restricting trust services should be more thoroughly clarified and its material scope narrowed in line with this policy.

Citation Info

Save
Cite
Email this content

Share link with colleague or librarian

You can email a link to this page to a colleague or librarian:
Email this content
or copy the link directly:

https://brill.edhh.ma/abstract/book/9789004705708/BP000023.xml
The link was not copied. Your current browser may not support copying via this button.

Link copied successfully

Collapse
Expand

International Sanctions: Monetary and Financial Law Perspectives

E-Book ISBN:: 9789004705708

Publisher:: Brill | Nijhoff

Print Publication Date:: 19 Jul 2024

Subjects
- Human Rights and Humanitarian Law
  - Human Rights
- International Law
  - International Commercial, Trade & Investment Law

Front Matter

Back Matter

Metrics

	All Time	Past 365 days	Past 30 Days
Abstract Views	183	68	6
Full Text Views	24	8	0
PDF Views & Downloads	0	0	0

African Studies	Education	Media Studies
American Studies	History	Middle East and Islamic Studies
Ancient Near East and Egypt	Human Rights and Humanitarian Law	Musicology
Art History	International Law	Philosophy
Asian Studies	International Relations	Religious Studies
Biblical Studies	Jewish Studies	Slavic and Eurasian Studies
Biology	Languages and Linguistics	Social Sciences
Book History and Cartography	Life Sciences	Theology and World Christianity
Classical Studies	Literature and Cultural Studies

Subjects

Authors

Open Access

Product Information

Company

Contact

Chapter 16 The Restriction on Trust Services: a New Sanction in Need of Improvement

Abstract

Citation Info

Share link with colleague or librarian

International Sanctions: Monetary and Financial Law Perspectives

Table of Contents

Metrics

Metrics