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BLOMSTEIN assists Goodwin with regard to the foreign direct investment law aspects of Summit Partners’ sale of shares in ELATEC group. The shares will be acquired by SGT German Private Equity, a subsidiary of the renowned private equity firm SGT Capital. With a transaction value estimated at approximately EUR 400 million, the deal is expected to close later this year, pending the fulfillment of customary regulatory approvals.

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On 18 April, the European Parliament adopted the CBAM, an unprecedented carbon border adjustment charge, which takes into account the greenhouse gas emissions embedded in imported goods of emissions-intensive sectors with a high risk of so-called “carbon leakage”. Carbon leakage takes place when, for reasons of costs related to climate policies in the EU, businesses transfer their production plants to other countries outside the bloc with less costly climate policies (see our briefing from July 2021). The initiative is part of the 2030 Climate and Energy “Fit for 55” legislative package under the European Green Deal, an ambitious plan to reduce greenhouse gas emissions by at least 55% until 2030 compared to the levels of 1990.

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On 19 April, the European Parliament approved the Regulation on deforestation-free products, which prohibits the placement of a number of agricultural and livestock products originating from deforested or degraded forest areas on the EU market (text will be available here). The Regulation aims to block imports associated with deforestation, particularly cattle (whether live, meat or leather), cocoa, coffee, palm oil, soy, timber and rubber (read our briefing from November 2021).

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In its ruling dated March 9, 2023, in the case C-571/21, the ECJ clarified that electricity manufacturers are entitled to exemption from electricity tax for a large number of operations that are upstream and downstream of the actual generation of electricity, in accordance with an interpretation of national law that is consistent with EU law. The ECJ thus sets limits to the hitherto prevailing view in customs administration and case law.

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After a reportedly heated debate among EU leaders, the EU has adopted its long announced tenth package of sanctions at the anniversary of Russia’s aggression against Ukraine. The latest package introduces yet another set of comprehensive sanctions, including additional financial sanctions on individuals, companies, and three additional Russian banks, the expansion of export and import bans, measure aimed at strengthening enforcement and preventing circumvention, as well as further measures. No additional measures were taken with respect to Belarus. Here are the details:

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At the beginning of February, the European Commission (Commission) presented its Green Deal Industrial Plan, a package of measures designed to help the EU industry to make progress in the transition to climate neutrality and strengthen its position in global competition.

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The 12th edition of Getting the Deal Through: Foreign Investment Review has just been published. Roland Stein and Leonard von Rummel once again contributed the chapter on the German foreign investment review regime, as in the previous years’ editions.

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After 6 years of a loud silence, Germany has re-established its relationship with Brazil. Chancellor Olaf Scholz paid an official visit to Brazil on 30 January 2023 with a bag of 200 million euros in investments on environmental / sustainability initiatives in Brazil, and a clear interest on fostering sustainable agriculture, the production of green hydrogen and to advance trade agreement between the Southern Common Market (Mercosur) and EU.

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Germany is moving forward with its tender structure for purchasing Green Hydrogen (GH2) subproducts, such as ammonia, methanol, and aviation fuel from countries outside the EU. It is the first time that this unique scheme is being implemented, aiming to foster the international market of GH2. Although the deadline is approaching, there is still time to take part of it. Nevertheless, these are the first tenders of a recurrent and regular purchase procedure, in order to bring the necessary security on the demand side, so that the new projects on the supplier side can be structured.

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The latest sanctions package, adopted on 16 December 2022, constitutes the EU’s ninth round of sanctions since the beginning of Russia’s aggression against Ukraine. As in the case of previous packages, the EU has sanctioned further individuals and entities as well as introduced additional trade and sector-specific restrictions. These new measures are effective as of 17 December 2022. We highlight the most important aspects of these latest changes below.

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