The National Bank of Romania has the following tasks as regards international sanctions applicable in the financial and banking field:
- to oversee the enforcement of international sanctions pursuant to Article 17 paragraph (1) of Government Emergency Ordinance No 202/2008 on the enforcement of international sanctions, as amended and approved by Law No 217/2009, as subsequently amended and supplemented;
- to ensure the dissemination of legislation instituting mandatory international sanctions in Romania, pursuant to Article 5 paragraph (1) of Government Emergency Ordinance No 202/2008;
- to adopt specific regulations on overseeing the enforcement of international sanctions;
- to impose specific measures or sanctions for breach of applicable laws;
- to participate through designated representatives in the meetings of the Interinstitutional Council established pursuant to Article 13 of Government Emergency Ordinance No 202/2008 on the enforcement of international sanctions, as amended and approved by Law No 217/2009, as subsequently amended and supplemented;
- in accordance with the provisions of Article 3 of Government Emergency Ordinance No 202/2008, the legislation provided for in Article 1 paragraph (1) of Government Emergency Ordinance No 202/2008 is binding in the domestic law on all public authorities and institutions in Romania, as well as on Romanian individuals or legal entities or those on the territory of Romania, under the regulations establishing the legal regime of each type of legislation. The resolutions of the UN Security Council and the regulations and decisions of the European Union are directly applicable.
The sanctions imposing restrictive measures applicable to the scope of business are instituted via legal instruments adopted by the UN Security Council, the European Union (regulations and decisions) and by other international organisations or via unilateral decisions passed by Romania or any other country, under the terms of Article 4 paragraph (4) of the Government Emergency Ordinance No 202/2008. Such restrictive measures include primarily the freezing of funds and economic resources, trade sanctions, restrictions on imports/exports of dual-use goods and technology and of military equipment, travel, transport and communication restrictions, diplomatic, technical and scientific, sporting and cultural sanctions.
The Legislation section consists of European regulations and decisions applicable to institutions under the NBR’s regulatory/supervisory scope regarding restrictive measures imposed on certain individuals, countries and non-state entities.
The updated list of countries, individuals, groups and entities subject to sanctions applied by both the UN and the EU is available on the website of the Ministry of Foreign Affairs.
NEW:
Reference documents