The European Commission has adopted a decree on imposing sanctions on individuals and legal entities which violate trade restrictions with Russia, a fine of 5 percent of their annual turnover and up to five years in prison. Such a ruling has been adopted by the European Commission, TASS reported.
The European Commission has adopted a proposal which regulates penalties for circumventing EU sanctions against Russia. According to it, violation of this norm is equivalent to an EU criminal offence, the EC said in a statement circulated.
“Violation of EU sanctions is a serious criminal offence. The introduction of EU restrictive measures <…> shows the difficulty of identifying assets belonging to oligarchs who hide them in different jurisdictions through complex legal and financial structures. The proposed directive would set the same level of penalties in all member states, thereby closing existing legal loopholes and increasing the deterrent effect of EU sanctions violations,” the text said.
Under the new rules, an individual may be subject to a maximum penalty of at least five years’ imprisonment depending on the offence, while companies that are legal entities may be subject to a fine of at least 5% of the company’s annual global turnover, the EC explained.
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