Business met with the representatives of the Security Service of Ukraine and the National Agency for the Prevention of Corruption to discuss sanction mechanisms and procedures
The European Business Association Committee for Business Protection and Security held a meeting with representatives of the Security Service of Ukraine (SBU) and the National Agency for the Prevention of Corruption (NAPC) to discuss issues related to sanction mechanisms and procedures.
During the meeting, participants emphasized the importance of the draft law on the sanction registry, which is currently awaiting its second reading in Parliament. This bill aims to improve the mechanisms for imposing sanctions in Ukraine and to introduce a control system for the enforcement of sanctions.
Additionally, amendments to the Law of Ukraine “On Sanctions” were discussed, aimed at introducing liability for circumventing sanctions or facilitating the circumvention of sanctions. These amendments foresee the strengthening of control over the enforcement of sanctions and the improvement of liability mechanisms.
Moreover, an important necessity is the synchronization the Ukrainian sanctionlists with the EU lists as Ukraine is confidently heading toward the EU. Therefore, Ukraine actively works in this regard as well.
The meeting served as a platform for exchanging opinions and fostering interaction between different parties concerning the development and implementation of effective sanction instruments. Participants expressed their readiness for further cooperation in order to improve the legislative framework and ensure the effective application of sanctions for the benefit of Ukraine’s security and stability. Therefore, hope to have further cooperation in this regard.