Week of 20 to 26 July 2026
On 23 July, the USTR concludes its investigation opened on 12 March into imports linked to forced labor, paving the way for a new permanent US surtax based on Section 301 of the Trade Act. On the same day, the Council of the European Union adopts its 21st sanctions package against Russia, targeting the banking, energy and crypto-assets sectors: a twelve-month freeze of the mechanism adjusting the Russian oil price cap (maintained at $44.10/barrel), sanctions extended to some thirty vessels of the “shadow fleet” and their supply vessels, and a ban, from 1 January 2027, on providing transport services for Russian LNG to third countries (with a renewable exemption for Greece). On 24 July, the new US forced-labor surtax enters into application, targeting around sixty trading partners including the European Union.
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