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Navigating Sanctions Regulations in Belgium

As businesses and individuals navigate complex global markets, understanding sanctions regulations is crucial to avoid non-compliance. In this article, we’ll break down key points on how to navigate sanctions regulations in Belgium.

General Principles

The Belgian authorities have implemented measures to enforce EU sanctions against certain countries, including Russia. These measures aim to restrict trade with these countries and prevent the transfer of funds or assets.

  • The Belgian authorities have introduced various measures to implement EU sanctions against certain countries.
  • These measures aim to restrict trade with these countries and prevent the transfer of funds or assets.

Financial Sanctions

Financial sanctions are enforced by F’S Finance & Treasury (FST). To obtain a derogation from financial sanctions, an application must be submitted in writing to FST, including all relevant information about the transaction.

  • The competent authority for financial sanctions is F’S Finance & Treasury (FST).
  • To obtain a derogation from financial sanctions, an application must be submitted in writing to FST, including all relevant information about the transaction.
  • The time it takes to obtain an authorization has increased significantly since Russia’s invasion of Ukraine.

Trade Sanctions

Trade restrictions are adopted in EU sanctions regulations and can include restrictions on:

  • Import
  • Export
  • Transit
  • Sale
  • Supply of dual-use goods, luxury goods, advanced technologies, revenue-generating goods for the sanctioned country, cultural goods, and other industrial equipment and resources.
  • Provision of specific services related to goods subject to restrictions.

Reporting Requirements

EU sanctions regulations require individuals and entities to provide any information that could facilitate compliance with imposed asset freezes to FST and cooperate with the Treasury for verification purposes.

  • EU sanctions regulations require individuals and entities to provide any information that could facilitate compliance with imposed asset freezes.
  • There are no national reporting obligations under Belgian law with respect to sanctions.

Engaging with Authorities

While there is no formal interaction or discussion process with the competent authorities, it’s advisable to contact FST at an early stage to provide relevant information about the envisioned transaction.

  • The applicable legislation does not provide for any formal interaction or discussion process with the competent authorities.
  • It is advisable to contact FST at an early stage to provide relevant information about the envisioned transaction.