- Applicable Financial Sanctions laws: Which national laws bring EU Russia sanctions laws into effect? If EU sanctions laws do not apply, which do?
- Does the same framework apply to Financial Sanctions against other countries (e.g. Iran?) If so, please provide link to relevant government website listing these.
- Which agency issues “licences” permitting certain activities which would otherwise be prohibited by Financial Sanctions laws?
- Link to Consolidated List of individuals and companies subject to Financial Sanctions
- Can a breach of Financial Sanctions laws be treated as a criminal offence? Please indicate the relevant law.
- What are the penalties for a criminal breach of Financial Sanctions?
- Who investigates criminal breaches of Financial Sanctions laws?
- Are there non-criminal (e.g. administrative or civil) penalties and/or fines for a breach of Financial Sanctions?
- What are the penalties for a non-criminal breach of Financial Sanctions?
- Who investigates non-criminal breaches of Financial Sanctions laws?
- Key government guidance relating to the implementation of Financial Sanctions (e.g. FAQs)
jurisdiction
1. Applicable Financial Sanctions laws: Which national laws bring EU Russia sanctions laws into effect? If EU sanctions laws do not apply, which do?
EU Sanctions in the form of resolutions apply directly in Austria.
Criminal sanctions are governed by the following two laws:
- Sanktionengesetz
- Außenwirtschaftsgesetz
2. Does the same framework apply to Financial Sanctions against other countries (e.g. Iran?) If so, please provide link to relevant government website listing these.
Yes.
3. Which agency issues “licences” permitting certain activities which would otherwise be prohibited by Financial Sanctions laws?
Subject to the activity, several agencies may be responsible:
- The Federal Ministry for European and International Affairs, Department V/2, is responsible for the administrative implementation of embargoes on goods, technical assistance and economic resources.
- The Austrian National Bank (OeNB) is responsible for the administrative implementation of embargo measures concerning funds, financial resources and financial assistance.
4. Link to Consolidated List of individuals and companies subject to Financial Sanctions
Same as EU list
5. Can a breach of Financial Sanctions laws be treated as a criminal offence? Please indicate the relevant law.
Yes
- 11 Sanktionengesetz
- 79 et seq Außenwirtschaftsgesetz
6. What are the penalties for a criminal breach of Financial Sanctions?
- 11 Sanktionengesetz
Up to two years prison term or monetary fine - 79 et seq Außenwirtschaftsgesetz
Up to five years prison term or monetary fine
7. Who investigates criminal breaches of Financial Sanctions laws?
State prosecutor
8. Are there non-criminal (e.g. administrative or civil) penalties and/or fines for a breach of Financial Sanctions?
Yes.
9. What are the penalties for a non-criminal breach of Financial Sanctions?
Monetary fines measured in daily rates that depend on the income and financial circumstances of the convicted person.
10. Who investigates non-criminal breaches of Financial Sanctions laws?
Customs Authority:
The Customs Authority ensures compliance with trade and import/export restrictions. They monitor shipments, conduct inspections, and investigate violations of sanctions related to goods and services.
Austrian Financial Market Authority (FMA) and Austrian National Bank (OeNB):
The FMA and OeNB oversee the financial sector, ensuring compliance with restrictions on financial transactions, asset freezes, and dealings with sanctioned individuals or entities.
Administrative Penal Authorities:
Administrative penalties for non-criminal breaches, such as fines, are imposed by the financial criminal authority under the relevant administrative laws.
