EC Receives Feedback on Blocking Regulation Reform

The European Commission opened a consulting period on amendments to its Blocking Statute, publishing an impact assessment on the regulation. The commission has received responses from the Italian Banking Association; Spectaris, the German Industrial Association for Optics, Photonics, Analytical and Medical Technology; the Medical Engineering Industry Association; and two anonymous sources. The consulting period will run for 12 weeks from the beginning of August. The impact assessment originally said that the blocking statute should be changed due to the increasing complexity and proliferation of extraterritorial sanctions and the European Union's exposure to certain third countries (see 2108110014). The blocking regulations are meant to protect EU businesses from extraterritorial sanctions, including those imposed by the U.S., which are increasingly leading to global sanctions compliance issues in Europe.