European Parliament adopts new rules to harmonize EU sanctions across member states

Europe
Wed, 13 Mar 2024 7:06 GMT
Parliament 'will introduce common definition of, and minimum penalties for, violations,’ says statement.
European Parliament adopts new rules to harmonize EU sanctions across member states

The European Parliament (EP) adopted new rules Tuesday to harmonize EU sanctions across member states. 

“With 543 votes in favour, 45 against, and 27 abstentions, the European Parliament has adopted a directive, agreed with member states, on criminalising the violation and circumvention of EU sanctions. It will introduce a common definition of, and minimum penalties for, violations,” it said in a statement.

Noting that enforcement of sanctions, which are adopted at the EU level, depends on member states and subsequently definitions of sanction violation and associated penalties differ, it added, “The new law sets consistent definitions for violations, including not freezing funds, not respecting travel bans or arms embargoes, transferring funds to persons subject to sanctions, or doing business with state-owned entities of countries under sanction.”

Moreover, providing financial services or legal advisory services which violate sanctions will also be regarded as a punishable offense.

“The directive ensures punishment for violating and circumventing sanctions is dissuasive by making them criminal offences carrying prison sentences of a maximum of five years in all member states,” it said.​​​​​​​

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