Rada intends to establish criminal liability for violation of economic sanctions – MP

The Verkhovna Rada intends to establish criminal liability for violation and circumvention of economic sanctions, Member of Parliament Yaroslav Zhelezniak (Holos faction) has said.

"The Rada supported No. 12406, which establishes criminal liability for violation and circumvention of economic sanctions," Zheleznyak wrote in Telegram on Tuesday.

According to the Member of Parliament, the bill on amendments to the Criminal Code and the Criminal Procedure Code and the law "On Sanctions" regarding the establishment of liability for violation of special economic and other restrictive measures (sanctions) criminalizes violation and circumvention of sanctions, primarily financial.

The bill proposes to establish liability for both intentional and negligent violation of sanctions. He noted that for violation of sanctions, the bill proposes to impose a fine of UAH 425,000 up to UAH 2.04 million or imprisonment for a term of two to ten years.

He also said that the draft law also provides for the liability of legal entities (fine, confiscation, liquidation). Zheleznyak emphasized that according to the draft law, the subjects of the offense are not only sanctioned persons, but also third parties.