Effective and uniform implementation of the sanctions’ regime in EU Member States

Context

The Commission supported the Czech, Latvian and Maltese authorities, and indirectly other EU Member States, in their efforts to harmonise the implementation of EU sanctions targeting sectorial cooperation and exchanges with the Russian Federation in the context of the adopted packages of restrictive measures. 

Support delivered

The Council of Europe undertook a review of practices and methodologies for the identification of persons or entities in effective control of a company and possible circumvention of sanctions through disinvestment, and reviewed the existing freezing and seizing practices in EU Member States related to assets of companies controlled by designated persons or entities and possible evasion of sanctions through disinvestment or related misuse of company structure. The Council of Europe furthermore conducted an analysis of practical application of market entry requirements and effective supervision of virtual assets service providers, and identified tools for analysing and monitoring transactions through blockchain, both at the level of obliged entities (e.g. virtual assets service providers and banks) and of the supervisors.

Results achieved

It is expected that after implementation of the project the authorities will have enhanced capacities to identify the persons and entities in effective control of companies and mitigate risks related to breaches of sanctions and strengthened capacities to mitigate risks related to evasion of sanctions through use of virtual assets.