Financial Crime World

Tunisia: EU Imposes Financial Sanctions and Embargoes

Background

The European Union has imposed financial sanctions and embargoes on certain individuals and entities in Tunisia, following the country’s recent political crisis.

Restrictive Measures

According to a Council Decision 2011/72/CFSP, restrictive measures have been directed against individuals, companies, bodies or entities identified as responsible for the misappropriation of Tunisian state funds. The decision aims to freeze their assets within the EU territory and prevent any economic resources from being made available to them.

Financial Sanctions

The Regulation (EU) No 101/2011 sets out the financial sanctions, which include:

  • Freezing the assets of individuals and entities listed in the annexes to the decision and regulation.
  • Preventing any economic resources from being made available to them within the EU territory, including its airspace, on board any aircraft or vessel under an EU Member State’s jurisdiction.

Exemptions

The EU has also imposed specific exemptions to these measures, allowing for certain transactions to be made in:

  • Humanitarian cases
  • Where they are necessary for EU policy-making

International Cooperation

A number of third countries have agreed to ensure that their national policies conform to the decision and regulation.

Review Process

The measures will be reviewed at regular intervals, at least every 12 months.

Timeline

The sanctions were imposed on January 31, 2011, with the regulation taking effect on February 5, 2011.

The EU’s legal bases for imposing sanctions are set out in:

  • Article 29 of the Treaty on European Union
  • Article 215 of the Treaty on the Functioning of the European Union

For more information, see the European External Action Service’s websites on Tunisia and the EU, as well as the Council of the European Union’s sanctions policy.

Main Documents:

Related Documents:

  • Consolidated version of the Treaty on European Union — Title V — General provisions on the Union’s external action and specific provisions on the common foreign and security policy — Chapter 2 — Specific provisions on the common foreign and security policy — Section 1 — Common provisions — Article 29 (ex Article 15 TEU)
  • Consolidated version of the Treaty on the Functioning of the European Union — Part five — The Union’s external action — Title IV — Restrictive measures — Article 215 (ex Article 301 TEC)