On 5 December 2014, the European Commission published Regulation 1290/2014 (the Amending Regulation). This further amends Regulation 833/2014, which imposed sanctions against Russia in view of its actions in Ukraine. Several of the amendments appear to be aimed at clarifying the scope and application of the sanctions. Although not explicitly stated, this may be a result of various issues of interpretation and application which arose after the publication of Regulation 833/2014.

For a summary of the key changes, please see the recent Reed Smith Client Alert by Sian Fellows, Brett Hillis, David Myers, Alexandra Allan, Alexandra Gordon and Andrzej Janiszewski.