Haaretz Quotes Andrew Schlossberg on Russia Sanctions’ Impact on Israel

March 30, 2022

Reading Time : 1 min

Contact:

Jacinta O'Shea-Ramdeholl

Director of Communications

Sarah Richmond

Senior Communications Manager

For its article “Diamonds and Vegetables: Where Israel Got Hit by Global Russia Sanctions,” Israel’s Haaretz quoted Akin Gump international trade counsel Andrew Schlossberg.

The article discusses Israel’s refusal to join the sanctions regime being imposed on Russia by the United States and the European Union and the likelihood that the sanctions’ strictness will leave Israeli companies few loopholes to exploit.

Schlossberg said that the U.S. regards not only Israeli companies with a presence in the United States as answerable to U.S. rules, but also those that use U.S. services such as insurance or forwarding.

Using U.S. dollars also makes foreign business subject to sanctions rules, according to the U.S. Said Schlossberg, “Even if you’re in Israel and you’re dealing with a counterparty in U.S. dollars, the U.S. is essentially saying, ‘We have jurisdiction over this transaction because of the use of U.S. dollars.’ It’s quite broad.”

Share This Insight

Related Services, Sectors, and Regions

© 2024 Akin Gump Strauss Hauer & Feld LLP. All rights reserved. Attorney advertising. This document is distributed for informational use only; it does not constitute legal advice and should not be used as such. Prior results do not guarantee a similar outcome. Akin is the practicing name of Akin Gump LLP, a New York limited liability partnership authorized and regulated by the Solicitors Regulation Authority under number 267321. A list of the partners is available for inspection at Eighth Floor, Ten Bishops Square, London E1 6EG. For more information about Akin Gump LLP, Akin Gump Strauss Hauer & Feld LLP and other associated entities under which the Akin Gump network operates worldwide, please see our Legal Notices page.