On 12 March, with Regulation (EU) 2021/445, the Council of the European Union declared that the EU sanctions regime against Egypt had achieved its objectives and repealed Regulation (EU) 270/2011. Adopted in 2011, Regulation 270/2011 concerning restrictive measures directed against certain persons, entities and bodies in view of the situation in Egypt aimed at targeting those responsible for misappropriating public resources in order to support the Egyptian authorities in their recovery.
Studio Legale Padovan, from right to left Marco Padovan, Marco Zinzani
The restrictive measures, most recently addressed to 9 Egyptian nationals, included the freezing of the assets of the individuals/entities listed in Annex I to Regulation (EU) 270/2011 and, consequently, the prohibition for entities under the jurisdiction of the Member States of the European Union to make funds or economic resources available to sanctioned individuals/entities.
As of 16 March 2021, the date of entry into force of Regulation 2021/445, Egypt therefore no longer belongs to the list of countries affected by EU restrictive measures.
GET TO KNOW THE AUTHORS: Marco Padovan, Marco Zinzani
