LUXEMBOURG CONSIDERS TIGHTENING FINANCIAL SANCTIONS LIST IN RESPONSE TO GLOBAL CRISIS

The EU’s Sanctions Policy: A Tool for Change

The European Union has taken a significant step in addressing the ongoing global crisis by adopting over 40 different sanctions regimes. These measures, often referred to as “sanctions,” are not punitive but rather intended to bring about change by targeting countries, organizations, and individuals responsible for harmful policies or activities.

The EU’s Sanctions Framework

• Council of the European Union: Makes decisions on the adoption, renewal, or lifting of sanctions regimes based on proposals from the High Representative of the Union for Foreign Affairs and Security Policy.
• European Commission: Oversees sanctions implementation by member states and plays a vital role in ensuring compliance.

LUXEMBOURG’s Move to Tighten Financial Sanctions List

In response to the ongoing crisis, LUXEMBOURG is considering tightening its financial sanctions list. This move aims to increase pressure on those responsible for harmful policies and activities.

The EU’s Consolidated List of Individuals, Groups, and Organizations Subject to Financial Sanctions

• Managed by DG FISMA: Updated as necessary to reflect changes in the officially adopted texts published in the Official Journal of the EU.
• Accessed via EUR-Lex online gateway: Provides comprehensive access to EU legal documents, including those related to sanctions.

The Role of National Competent Authorities

National competent authorities are available for contact to provide more information on EU sanctions and their implementation.