Expert Guide to Financial Sanctions Enforcement in Romania

In Romania, the legal framework on the international sanctions is regulated mainly by Government Emergency Ordinance no. 202/2008 regulating the application of international sanctions (“GEO 202/2008”).

GEO 202/2008 regulates the application at national level of international sanctions imposed by: (i) the resolutions of the UN Security Council, as well as of other acts adopted based on art. 41 of the UN Charter; (ii) regulations, decisions, common positions and other legal instruments of the EU (including Council Regulation (EU) No 833/2014 and Council Regulation (EU) No 269/2014); (iii) other non-mandatory international sanctions adopted by states or international organizations or by unilateral decisions of Romania.

In this context, we note that the acts mentioned at points (i) and (ii) above are directly applicable to domestic law for all public authorities and institutions in Romania, for individuals or legal entities. either Romanian or residing in Romania, as well as for entities without legal personality, according to the legal regime of each category of acts.

GEO 202/2008 represents the general rule on international sanctions and also regulates the Financial Sanctions against other countries.

The defining elements of the international sanctions regimes in place in Romania which include both restrictive measures adopted at UN and EU level are available at: https://www.mae.ro/node/1549

The requests for the application of exemptions from the international sanctions regime could be addressed to: (a) the National Fiscal Administration Agency (ANAF) – which implements the measures for blocking of funds and of economic resources owned, held or under the direct or indirect control of designated individuals or entities; (b) National Customs Authority – with regard to the customs control of goods which entered or exited the EU. This would be applicable in the case the envisaged goods were exported outside the EU or were imported to the EU; (c) the Department for the Export Control within the Ministry of Foreign Affairs and the Ministry of National  Defense – with regard to exports of military and dual use goods; (d) the Financial Supervisory Authority – in respect of the financial institutions pertaining to capital markets, insurance, reinsure and private pensions sectors; (e) the National Bank of Romania – with regard to financial institutions within its area of competence.

In all cases, a prior approval issued by the Ministry of Foreign Affairs is necessary before assessing the request for the application of an exemption from the international 

The defining elements of the international sanctions regimes in place in Romania which include both restrictive measures adopted at UN and EU level are available at: https://www.mae.ro/node/1549

GEO 202/2008 does not impose a criminal sanction for failure to comply with its provisions. However, depending on the material acts pursued by an individual or an entity, its activity may be subject to a criminal sanction in accordance with the Criminal Code.

Please refer to our above answer.

Potential breaches of the criminal law are investigated by the police and the prosecutor office

Failure to comply with the provisions of GEO 202/2008 represents a misdemeanour sanctioned with a fine ranging between RON 10,000 (approximately EUR 2,000) and RON 30,000 (approximately EUR 6,000) and confiscation of the assets/ goods destinated, used or resulted from the misdemeanour. Legal entities may also be subject to the misdemeanour.

In addition to the misdemeanour, one or more of the following additional penalties may be imposed: (a) suspension of the permit, licence or authorisation to engage in an activity or, where appropriate, suspension of the activity of the legal person for a period of between one and six months; (b) withdrawal of the licence or permit for certain operations or activities, for a period of one month to six months or permanently.

Please refer to our above answer.

The general competence to investigate non-criminal breaches of Financial Sanctions rules and to apply penalties and/ or fines is granted to the National Fiscal Administration Agency. In addition to this,  the Financial Supervisory Authority and the National Bank of Romania are allowed to verify and sanction the activity of the entities under their supervision. 

Certain information on the application of the international sanctions regime is available at: https://www.mae.ro/node/1547. In addition to this, the Consolidated FAQs on the implementation of

Council Regulation No 833/2014 and Council Regulation No 269/2014 offers additional guidance with regard to the application and interpretation of the international sanctions at EU level, available at: https://finance.ec.europa.eu/document/download/66e8fd7d-8057-4b9b-96c2-5e54bf573cd1_en?filename=faqs-sanctions-russia-consolidated_en.pdf