Yes. Romania is a member of the European Union, which implements UN sanctions in all member states by way of directly applicable regulations.
Does Romania implement an autonomous sanctions regime?
What is the nature of the sanctions regime in Romania?
Romania follows the restrictive measures laid down by the UN, the EU and other international organisations which are binding on Romania. Government Emergency Ordinance No. 202/2008 (“GEO 202/2008”) concerns the implementation of international sanctions. It ensures the direct applicability at a national level of international sanctions adopted by the UN Security Council and the EU.
Does Romania maintain a list of sanctioned individuals and entities?
No. Romania relies on UN and EU sanctions lists.
Are there any other lists related to sanctions?
Does Romania have a licensing or authorisation system in place?
Yes. Persons may apply writing to the competent Romanian authority for a waiver of the application of international sanctions. The competent authority will decide whether to grant the requested derogation or not, after obtaining a notice of compliance with international law from the Ministry of Foreign Affairs.
Notification and authorisation procedures are also implemented for the transfer of financial funds to and from Iran.
What are the consequences for a breach of sanctions in Romania?
The consequences for a breach of sanctions are a fine of between 10,000 RON and 30,000 RON and the confiscation of the property used or resulting from the breach (Article 26 of GEO 202/2008).
Who are the relevant regulators in Romania and what are their contact details?
The National Bank of Romania is responsible for financial sanctions in Romania.
25 Lipscani Street
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