Many people in the Norwegian business community have questions about the consequences of sanctions against Russia for their company. On Monday, March 21, the Ministry of Foreign Affairs organized an information meeting for the business community. Questions could also be asked at the meeting, which gathered 300 business entities.

Department Director Martin Sørby from the Legal Department of the Ministry of Foreign Affairs briefly outlined the sanctions. Massive and extensive sanctions will affect the financing of Russia's illegal war in Ukraine. They want to prevent the export of technologies, goods and services that could be used in Russian hostilities. They influence the financing of the Russian regime.

The sanctions also apply to people in Russia and Belarus who were involved in making decisions, conducting and justifying the illegal attack on Ukraine. There are over 800 people and entities on the list, including the freezing of money and assets owned by Putin and Lavrov.

The sanctions package adopted by the EU on March 15 will be implemented into Norwegian law as soon as possible. Entries on the March 15 list have already been completed.

Implementation and enforcement of sanctions

All Norwegian citizens, companies and other persons residing in Norway they must comply and abide by the sanctions. Violation of these measures is punishable by up to three years. Bypassing is also a criminal offense.

For Norwegian companies, these measures mean they have to be careful. Firms need to investigate whether any of these measures are having an impact on their business. They should check whether there is reason to believe that listed companies or persons are involved. Norwegian banks need good systems to check their own customer base and transactions. They must be able to retain payments that are attempted to be made to the persons and companies on the list. 

The Ministry of Foreign Affairs (MFA) is responsible for implementing the sanction regimes backed by the government and has developed legislation that implemented sanctions in Norway ( Regulations on restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty, independence and stability of Ukraine - Lovdata ).

The Ministry of Foreign Affairs is also responsible for export control. Companies wishing to have a Ministry of Foreign Affairs assessment on a specific export control case may submit a written inquiry or request for an export through the Ministry's application portal  E-license .

In practice, a number of ministries and agencies such as Finanstilsynet, Tolletaten, PST, border guards and several others will play a role in enforcement.

Photo: UD

Source: regjeringen

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