Does Romania implement an autonomous sanctions regime?
What is the nature of the sanctions regime in Romania?
Romania is an EU member state. The Government Emergency Ordinance no. 202/2008 (“GEO 202/2008”) regarding the implementation of international sanctions was implemented by the Romanian government. This ensures the direct applicability at a national level of international sanctions adopted by the UNSC and the EU.
Does Romania maintain a list of sanctioned individuals and entities?
No – Romania refers only to the EU and UN lists.
Are there any other lists related to sanctions?
Does Romania have a licensing or authorization system in place?
According to the conditions laid down in the applicable Romanian legislation, a person may make a request in 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 authorization 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?
Article 26 of the GEO 202/2008 states that a breach of the provisions of the GEO 202/2008 constitutes a contravention punishable by a fine of 10,000 RON to 30,000 RON and the confiscation of property used or which resulted from the misdemeanour.
Who are the relevant regulators in Romania and what are their contact details?
Freezing of funds and economic resources
The National Bank of Romania 25 Lipscani Street
District 3, Code 030031
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