For Over 33 Years

EU economic sanctions against Yemen adopted

Inhalt

The European Union (EU) adopted economic sanctions against Yemen in Regulation (EU) No 1352/2014 of 18.12.2014. In accordance with United Nations Security Council (UN) Resolution 2140 (2014), this Regulation establishes personal sanctions against the persons listed in Annex I to the Regulation, which are directly applicable in the Member States.

The sanctions are designed to freeze funds and other economic resources of listed persons and to restrict their entry into and transit through the EU. Furthermore, no funds or economic resources may be made available or benefited, directly or indirectly, to the persons listed in Annex I. Economic resources include assets of all kinds, whether tangible or intangible, movable or immovable. The Regulation also expressly prohibits circumvention and requires economic operators to report information on funds and economic resources to the competent authorities in certain circumstances.

Violations of the ordinance can have consequences under administrative law, such as the withdrawal of a license, as well as consequences under fines and criminal law. Companies must therefore carefully examine whether they are in any way affected by the sanctions. It is also an economic operator’s duty to monitor developments closely, as sanctions can be extended at any time.

One of the compliance requirements for a business enterprise in connection with economic sanctions is often to seek legal advice. Contact us here!
Attorney Dr. Tristan Wegner

Ihr Ansprechpartner

More interesting articles on this topic

Dual-use regulation – what you need to know for export

What does the EU Dual-Use Regulation actually regulate and what do exporters need to know? What are ...

Brexit and customs – companies need to know this now

On the roadshow “Brexit und Zoll“, customs informed the economy about changes in the upc...

Call directly and get advice 040 - 36 96 15 0