EU seeks anti-Russia penalties power| MENAFN.COM

Tuesday, 09 August 2022 04:10 GMT

EU seeks anti-Russia penalties power


(MENAFN) Politicians in the European Union are looking for a new power to impose restrictions on Moscow over the war in Ukraine, Mairead McGuinness, European Official for Financial Services, updated the Financial Times on Sunday.

McGuinness said, the alliance is seeking an EU type of the Office of Foreign Assets Control (OFAC), a financial intelligence agency of the US Treasury Department, which leads implementation of restrictions.

The official added “Anything that would help member states implement [sanctions], and where we see European oversight and co-ordination… would be a plus,” noting “The idea of having an overarching view of sanctions and their implementation is one I would support.”

She also stated that as an another option, Brussels might approve its scheduled Anti-Money Laundering Authority (AMLA) to watch over bans, by altering law now being discussed by the European Parliament and member states.

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