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EU Sanctions List: What You Need to Know
The European Union has imposed financial sanctions on individuals and entities in response to Russia’s aggression against Ukraine, with the aim of crippling Moscow’s ability to finance its war efforts.
Background
According to sources, since March 2014, the EU has progressively imposed restrictive measures against Russia, initially in response to the illegal annexation of Crimea and Sevastopol, and more recently in response to Russia’s military aggression against Ukraine. The sanctions have been expanded to include Belarus, which is accused of being involved in Russia’s invasion of Ukraine.
Administration and Enforcement
The Central Bank of Ireland is one of three competent authorities responsible for administering and enforcing financial sanctions in the country. Other authorities include the Department of Enterprise, Trade and Employment, and the Department of Foreign Affairs.
Effects of Financial Sanctions
Financial sanctions imposed by the EU have several key effects:
- Limiting the provision of certain financial services
- Restricting access to financial markets, funds, and economic resources
- Freezing assets and preventing sanctioned individuals and entities from accessing funds and economic resources
It is a criminal offence to breach a financial sanction, and individuals and entities are legally obliged to report any suspicions of sanctions breaches to An Garda Síochána or the European Commission. The EU has also established an anonymous whistleblower tool for reporting potential sanctions violations.
Other Types of Sanctions
In addition to financial sanctions, the EU has imposed other types of sanctions, including:
- Travel bans
- Economic restrictions
- Diplomatic measures
- Restrictions on media and economic cooperation with Russia and Belarus
FAQs
Who is responsible for administering and enforcing financial sanctions in Ireland?
The Central Bank of Ireland, along with the Department of Enterprise, Trade and Employment, and the Department of Foreign Affairs.
What are financial sanctions, and what do they achieve?
Financial sanctions limit the provision of certain financial services and restrict access to financial markets, funds, and economic resources. This includes freezing assets and preventing sanctioned individuals and entities from accessing funds and economic resources.
Is it a criminal offence to breach a financial sanction?
Yes, it is a criminal offence to breach a financial sanction.
How do I report suspicions of sanctions breaches?
You can report any suspicions of sanctions breaches to An Garda Síochána or the European Commission. The EU has also established an anonymous whistleblower tool for reporting potential sanctions violations.
What types of other sanctions have been imposed by the EU?
The EU has imposed various types of other sanctions, including travel bans, economic restrictions, diplomatic measures, and restrictions on media and economic cooperation with Russia and Belarus.
Will further waves of sanctions be imposed by the EU as the situation in Ukraine evolves?
Yes, it is possible that further waves of sanctions may be imposed by the EU as the situation in Ukraine evolves. It is essential that individuals and entities familiarize themselves with the current list of sanctioned individuals and entities to ensure compliance with financial sanctions regulations.
For more information on EU sanctions and how they affect Ireland, please visit our FAQs page.