EU officials on Tuesday set out plans to shield firms in the European Union from the extraterritorial effects of U.S. sanctions by boosting the role of the euro in global commerce and strengthening an existing "blocking" regulation. In a 21-page policy paper, the European Commission, the EU's executive branch, outlined 15 measures to assert the bloc's independence in international trade and protect European companies and financial institutions from "unlawful extraterritorial application of unilateral sanctions" by third countries. "The actions we are proposing today are necessary for the EU to continue to shape the global economic and financial system while protecting...
The European Commission published a report and related question and answer communication regarding its intention to foster the openness, strength and resilience of the EU's economic and financial system, including improving the sanctions regime.
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