Russian invasion on Ukraine from 24 February 2022 has brought far-reaching consequences for lives of ordinary people, for international politics and for businesses. This unprecedented act of aggression was met with strong response from the international community. Words of condemnation were quickly followed by introducing some more tangible solutions – economic sanctions imposed on Russia itself and persons companies and institutions known to be Vladimir Putin’s close co-operators. International companies cut their ties with Russian businesses and limited the number of products imported from there.

In accordance with its latest announcement, Hungarian Government decided to temporarily decrease the excise duty imposed on fuel products as of 10 March 2022. Other governments in the region also introduced similar measures to control fuel prices and thus inflation; compliance with the EU rules, however, might be of secondary importance.

The truth is rarely pure and never simple. But in the case of Russia's military operation in Ukraine, it just might be. Russia breached Article 2(4) of the UN Charter, which prohibits the use of force against the territorial integrity or political independence of any state. Russia's acts have prompted the EU, the UK and the US to impose economic sanctions, such as freezing assets and disconnecting Russian banks from the SWIFT international payments network. Whilst the number of private businesses that are halting their activities in Russia is steadily growing, Russia has adopted a law paving the way for expropriations of assets of foreign firms that leave the country following economic sanctions. But what can foreign companies do if Russia proceeds to take their assets, if they are unable to freely transfer returns from investments out of Russia or if their profits collapse?

On December 6, 2021, CEE Legal Matters reported that Motieka & Audzevicius had successfully defended Olympic Casino Group Baltija before the Supreme Administrative Court of Lithuania. CEE In-House Matters spoke with Monika Jakume, Legal Counsel at Olympic Casino Group Baltija, to learn more about the matter.

Former Revolut Regulatory Compliance Manager Evelina Agota Vitkute has returned to private practice and joined Adon Legal as a Partner.

Russia’s invasion of Ukraine represents one of the worst security crises in Europe. It is also expected to have far-reaching implications for the global economy, particularly given Russia’s role as the world’s second-largest producer of natural gas. Sanctions will mean higher energy prices in Europe.