What is the meaning of ‘control’ in the context of international sanctions? Who exercises it? How do we interpret it?
In this week’s NLJ, Vivien Davies, partner, Galiya Martirosova, associate, and Krysteen Ormond, solicitor, Fieldfisher Sanctions Group, explore a recent ruling on this pertinent issue and question whether enough guidance is available.
The case, Mints & Ors v PJSC National Bank Trust [2023], offered some clarity on the meaning of ‘control’. The authors note the ruling ‘implies that designated persons can exert control over a company without specific limits, impacting the application of sanctions. This is especially relevant in cases where designated persons may lack direct ownership but retain the ability to influence and control entities.’
The authors cover Mints, as well as subsequent guidance on ownership and control issued by the government.
