Croatia Imposes Financial Sanctions on Individuals and Entities

==============================================

Croatia has a sanctions regime in place that follows international restrictive measures laid down by the United Nations, European Union, and other organizations.

Overview of Sanctions Regime

According to Croatian law, restrictive measures may include:

• Termination of diplomatic relations
• Total or partial termination of economic relations
• Arms embargo
• Restriction on entry into the country
• Freezing of assets
• Other measures in line with international law

Croatia uses the EU and international lists regarding sanctions and maintains a database on sanctions measures enforced by the Ministry of Foreign Affairs.

Licensing System for Financial Institutions

The country has a licensing system in place for financial institutions incorporated in countries subject to restrictive measures. This ensures that financial transactions are monitored and compliant with international law.

Consequences of Breaching Sanctions

Breach of sanctions can result in severe penalties, including:

• Monetary fines
• Prison sentences ranging from six months to five years
• Fines and prison sentences of up to six months for breaches due to negligence

The relevant regulator in Croatia is the Ministry of Foreign and European Affairs, which can be contacted at:

Trg N. Š. Zrinskog 7-8, 10000 Zagreb Croatia or through its website www.mvep.hr/en

Notable Aspects

While Croatia follows international sanctions, it does not maintain a separate list of sanctioned individuals and entities. Instead, it uses the EU and international lists regarding sanctions.

Conclusion

In conclusion, Croatia has a robust sanctions regime in place to enforce international restrictive measures and prevent breaches. The country’s licensing system and penalties for breach ensure compliance with international law.