International Sanctions: Monetary and Financial Law Perspectives

Chiara Zilioli is the General Counsel of the European Central Bank and Professor of Law at J.W. Goethe University (Frankfurt am Main). Régis Bismuth is Professor at Sciences Po Law School (Paris). Luc Thévenoz is Professor at the University of Geneva and Director of the Centre for Banking and Financial Law.

Notes on Contributors



Introduction



Part 1: Money and Finance: the New Frontiers of International Sanctions



1 Economic and Financial Sanctions in International Law: Nature, Sources and Reviewability

 Christos Hadjiemmanuil

2 The United States-Led Development of Financial Sanctions Since 1945

 James H. Freis, Jr. and Michael Waibel

3 Financial Sanctions: the Development of an EU Practice

 René Smits

4 Weaponisation of Money and Payments

 Rosa Lastra

5 Towards a New Extraterritoriality of EU Sanctions?

 Régis Bismuth and Jan Dunin-Wasowicz

6 Evolution of the UK Financial Sanctions Framework Following the UK’s Withdrawal from the EU

 Sonya Branch



PART 2: Central Banks and Financial Sanctions



7 Economic Sanctions and Central Bank Immunity

 Ingrid Brunk

8 The Use of Inmobilised Assets and Reserves of the Central Bank of Russia: a Perspective from EU Law

 Alberto de Gregorio Merino

9 Beyond Immunities: Sanctions and the Fundamental Rights of Central Banks

 Michael Ioannidis

10 Economic Sanctions and Central Banks: Applying the Principles Articulated in the Arbitral Decision between the Federal Reserve and Bank Markazi

 Thomas Baxter

11 The Role of Central Banks in the Application of International Financial Sanctions: the Case of the ECB and the Sanctions against Russia

 Chiara Zilioli

12 The EU’s Restrictive Measures on the Russian Central Bank: Some Financial Stability Perspectives in Light of the Sberbank Cases

 Christos V. Gortsos



Part 3: The Impact of Sanctions on Contractual Rights and Property



13 The Legal Effect of Sanctions against Russia on Financial and Commercial Transactions

 Sir William Blair

14 Contractual Consequences of Sanctions before the English Courts

 Charles Proctor

15 Third Country Economic Sanctions and the EU Blocking Regulation

 Klaus Peter Follak

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

 Luc Thévenoz

17 The Key Role of Financial Institutions in Implementing Asset Freezing Measures

 The Example of EU Freezing Measures against Russian Individuals and Entities

 Caroline Kleiner

18 Targeted Financial Sanctions and Asset Confiscation: a Thorny Legal Path from Freeze to Confiscate

 Iryna Bogdanova



Index