The European Commission presented on Friday its proposal for establishing what kind of offenses and penalties could be enforced for violating sanctions the European Union implemented on a certain party.
The commission said the main factor for making such a proposal was what it described as Russian oligarchs, whose assets were difficult to identify once Moscow's military action in Ukraine began as they manage to "hide them across different jurisdictions through elaborate legal and financial structures."
The offenses the commission has proposed include creating funds to finance a person or entity affected by sanctions, failing to freeze those funds, allowing those affected an EU member state, etc. Depending on the offense, a person found guilty of violating the sanctions could face a prison sentence of at least five years, while companies could be issued a penalty of no less than 5% of the total annual worldwide turnover of that entity.
