The EU Parliament have approved new rules to harmonise the enforcement of EU sanctions across member states.

The new rules will:

  • Introduce a common definition of, minimum penalties and stronger punishments for, sanctions violations;
  • Make the provision of financial services or legal advisory services in violation of sanctions a punishable offence; and
  • Define the circumvention of sanctions and ensures this is a punishable offence.

The law still needs to be formally approved by the Council before it can become law and published in the Official Journal of the EU, after which member states will have one year to transpose it into national legislation.

Firms should stay attuned to forthcoming changes to EU sanctions law and any potential required actions.

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