EU outlaws sanctions busting by member countries

(MENAFN) The Council of the European Union has approved a legislation on Friday that criminalizes the violation and circumvention of European Union sanctions, marking a significant step towards bolstering enforcement measures within the bloc. As outlined in a press release on the council’s official website, the new law establishes uniform minimum standards for prosecuting individuals and entities involved in sanctions evasion activities across all member states.

Under the newly adopted directive, specific actions such as aiding in the evasion of travel bans, engaging in trade of sanctioned goods, or conducting prohibited financial transactions will be deemed criminal offenses throughout the European Union. Moreover, individuals found to be inciting, aiding, or abetting these offenses may also face penalties under the law.

The directive is set to come into effect on the 20th day following its publication in the Official Journal of the European Union, with member states given a 12-month period to incorporate its provisions into their respective national legislation. The legislation was initially proposed by the European Commission in December 2022, with the aim of curbing sanctions circumvention and strengthening enforcement mechanisms.

The move comes amidst the European Union's continued efforts to impose restrictive measures against Russia in response to the ongoing conflict in Ukraine. In February, Brussels introduced its 13th package of sanctions targeting Moscow, which includes restrictions on trade in dual-use goods and technologies that could potentially contribute to Russia's defense industry.

Despite these measures, reports indicate that European Union sanctions on Russia are being widely circumvented through third countries, with nations friendly to Russia reportedly re-exporting crucial items to the country. The enactment of this new legislation reflects the European Union's determination to crack down on sanctions violations and uphold the integrity of its restrictive measures against targeted entities.



Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.