The Federal Ministry for Economic Affairs and Climate Action has amended the Foreign Trade and Payments Ordinance, adding to and further specifying the rules on fines.
The aim of the 18th Amendment to the Foreign Trade and Payments Ordinance is to penalise more effectively failure to comply with the sanctions packages adopted by the EU in response to Russia’s aggression in violation of international law.
Specifically, new rules on fines for the financial sector have been introduced. For example, anyone who carries out prohibited deposit or stock exchange transactions for Russian individuals can be fined up to €500,000.
Violations of “traditional” sanctions, such as import and export bans or the freezing of financial assets, are criminal offences and can, as before, be punished by prison sentences of up to five years.
The amendment is a ministerial ordinance from the Federal Ministry of Economic Affairs and Climate Action issued on the basis of the Foreign Trade and Payments Act. The amendment has been formulated and adopted over the past few weeks and enters into force today.