In recent decades, certain third countries have increased their use of sanctions or other
regulatory measures to restrict the conduct of economic activities of EU individuals or businesses outside their territory. These measures, or simply the threat to use them, have resulted in significant economic damage for the European economy. To counter these measures, the European Union has adopted Council Regulation (EC) No. 2271, also called Blocking Statute. In its January 2021 Communication entitled “The European economic and financial system: fostering openness, strength and resilience”, the European Commission announced a strategy that would promote the EU’s resilience in economic and financial matters, to further deter and counteract the unlawful extra-territorial application of third-country sanctions to EU individuals and businesses, notably by amending the Blocking Statute.
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