Belgium Imposes Financial Sanctions on Countries, Individuals and Entities Violating International Norms

In an effort to curb violations of international peace and security, human rights, sovereign states’ stability, and the proliferation of weapons of mass destruction, Belgium has implemented financial sanctions laws.

Overview of Financial Sanctions

These restrictive measures aim to:

Freeze assets
Ban investments, loans, and insurance
Restrict trade in certain goods

The General Administration of Treasury maintains a consolidated list of individuals and entities subject to freezing measures, including national, European, and international lists. While efforts are made to ensure the accuracy of the data, the administration accepts no responsibility for any omissions or errors.

Types of Financial Sanctions

Belgium has three main types of financial sanctions:

National Sanctions: established following a UN Security Council resolution to freeze funds and economic resources of individuals and entities involved in terrorist activities
European Sanctions: imposed by the EU, often strengthening UN sanctions with additional measures
International Sanctions: passed by the UN and transposed into European law

Financial Sanctions and Prevention of Money Laundering

Belgium’s financial institutions must implement effective policies to comply with binding provisions regarding financial embargoes.

Ukraine-Russia Conflict

The EU has imposed multiple regimes of sanctions against Russia following its invasion of Ukraine. The General Administration of Treasury plays a crucial role in applying these sanctions, and individuals can find more information on the FPS Foreign Affairs website.

Homonymy, Derogations, and Blocking Statute

In cases of homonymy or mistaken identity, the General Administration of Treasury can verify whether an individual or entity is subject to freezing measures. Derogations from financial sanctions can be granted upon request, while the “Blocking Statute” protects European enterprises from extra-territorial legislation.

Need Help?

If you have any questions about financial sanctions, you can contact the Treasury via email at quesfinvragen.tf@minfin.fed.be.