Haaretz Quotes Andrew Schlossberg on Russia Sanctions’ Impact on Israel
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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.”
