On 17 March 2014, the European Union adopted Council Regulation (EU) No 269/2014 which imposed financial sanctions on a number of persons identified as being responsible for actions which undermined or threatened the territorial integrity of Ukraine, and those persons, entities or bodies associated with such persons.
The Council Regulation has been applied in Island law by means of the European Union (Territorial Integrity, Sovereignty and Independence of Ukraine Sanctions) Order 2014.
All funds and economic resources belonging to, owned or controlled by those persons listed under the Council Regulation should be frozen. Furthermore, no payment should be made from a frozen account without written authorisation from the Treasury.
No funds or economic resources should be made available, directly or indirectly, to any listed person.
Participating, knowingly and intentionally, in activities the object or effect is, directly or indirectly, to circumvent the sanctions measures are also prohibited.
The Territorial Integrity, Sovereignty and Independence of Ukraine Sanctions Regulations 2014 has also been made and provides for licences, and for offences and penalties for breaches of the sanctions imposed by the Order.
The list of persons designated under the Council Regulation is annexed.
For more information contact Customs and Excise.
Sanctions Notice 41 (Ukraine) is being revised following application of the Council Regulation and will be available on the Customs and Excise website.
