Ministry: further fine rules for violations of EU sanctions

Violations of the EU’s sanctions packages in response to Russia’s war in Ukraine are to be punished more effectively, according to the German government. According to the Ministry of Economics, the amendment to the Foreign Trade and Payments Ordinance, which came into force on Monday, also introduces new rules on fines for the financial sector. For example, anyone who engages in prohibited deposit or stock exchange transactions for Russian persons could be fined up to €500,000. Violations of “classic” sanctions regulations, such as import and export bans or the “freezing” of financial assets, are reportedly criminal offenses and can be punished as before with a prison sentence of up to five years. dpa