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Romania’s Financial Sanctions Enforcement: A Complex Regulatory Framework

The National Bank of Romania plays a vital role in enforcing international sanctions in the financial and banking sectors. In accordance with Article 17 paragraph (1) of Government Emergency Ordinance No 202/2008, as amended and approved by Law No 217/2009, the bank is responsible for overseeing the enforcement of international sanctions.

National Bank’s Tasks

The National Bank’s key tasks include:

  • Ensuring the dissemination of legislation instituting mandatory international sanctions in Romania
  • Adopting specific regulations on overseeing the enforcement of international sanctions
  • Imposing measures or sanctions for breach of applicable laws
  • Participating in meetings of the Interinstitutional Council established under Article 13 of Government Emergency Ordinance No 202/2008

Legislation Governing Financial Sanctions

The legislation governing financial sanctions in Romania is binding on all public authorities and institutions, as well as Romanian individuals and legal entities. The resolutions of the UN Security Council and the regulations and decisions of the European Union are directly applicable.

Romania’s Sanctions Regime

Romania’s sanctions regime includes a range of restrictive measures, including:

  • Freezing of funds and economic resources
  • Trade sanctions
  • Restrictions on imports/exports of dual-use goods and technology and military equipment
  • Travel, transport, and communication restrictions
  • Diplomatic, technical, scientific, sporting, and cultural sanctions

These measures are imposed by the UN Security Council, the European Union, and other international organizations, as well as unilaterally by Romania or other countries.

National Bank’s Sanctions List

The National Bank of Romania has published a list of countries, individuals, groups, and entities subject to sanctions applied by both the UN and the EU. This list is available on the website of the Ministry of Foreign Affairs.