Ireland is robust in meeting its obligations, as an EU member, that arise for all EU members from these autonomous restrictive measures. Adopting strong sanctions packages which should have a strong deterrent effect and long lasting impact on the Russian economy. EU sanctions announced to date in response to the situation are already the most extensive ever, including in relation to disconnection of certain financial institutions from the SWIFT global payments network, the provision of investment services, the listing on EU trading venues and accounts held in EU Central Securities Depositories.
EU sanctions apply to all legal and natural persons in the State, therefore all legal and natural persons in the State are prohibited from makings funds available to an EU sanctioned entity or individual, this includes the Banks referenced in this PQ. Any legal or natural persons that makes funds or economic resources available to the sanctioned banks will be committing a criminal offence and may be subject to fines and/or imprisonment. In addition, any assets of the sanctioned individual and entity must be frozen by the credit or financial institution holding the assets. This freezing of assets is reported to the Central Bank.
The Central Bank, in its role as one of the three Competent Authorities in the State for sanctions, is undertaking actions, in conjunction with the other Competent Authorities, to ensure that legal and natural persons are aware of their obligations to comply with sanctions and to report any freezing of assets arising from these sanctions to the Central Bank.
The Central Bank of Ireland will publish details of new restrictive measures/sanctions that are adopted in this regard, as well as any associated EU/UN Guidance, on its website. While sanctions are applicable to all natural and legal persons, given the nature of the activities carried out by firms, the Central Bank has provided some additional guidance for credit and financial institutions/firms.