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04/15/2019

Key Considerations for Sanctions Post-Brexit

On 29 March 2019, the UK is scheduled to officially leave the European Union (EU) following the triggering of Article 50 of the Treaty on European Union in 2017. There are two likely possibilities at this stage (cancelling Brexit is unlikely with the present Government), either the Brexit Withdrawal agreement is passed through Parliament or the UK leaves the EU whilst adhering to World Trade Organisation rules.

But what does this mean for the UK’s sanctions policy going forward, and how could this impact financial services? Will there be a convergence of sanctions policy with our European neighbours as per our previous adherence to the Common Foreign and Security Policy (CFSP), or will there be a divergence as the UK charts a new course?

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