The European Commission said in a statement released today that it has approved a proposal to include circumvention of EU sanctions against Russia on the EU’s list of criminal offences.
According to the statement, individuals who violate the penalties will be punished with imprisonment for a period of 5 years, and legal entities with a fine of 5% of the total sales of companies per year.
The statement added: “Violation of EU sanctions is a serious criminal offence. The practice of imposing restrictive EU measures shows that there is difficulty in identifying assets owned by oligarchs who hide them using complex legal and financial structures. The proposed decision sets out the same level of fines in all Member States, thus existing legal loopholes will be closed and the deterrent effect for violating EU sanctions will be increased.
The European Commission proposes to establish “common basic standards of punishment” for violations of EU sanctions against Russia.
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