The Central Bank of Ireland issued a letter on Russian sanctions obligations

The Central Bank of Ireland has written to business and professional representative groups, reminding them of their responsibilities under EU Financial Sanctions against Russia.

Following Russia's invasion of Ukraine in February, the EU imposed a series of sanctions, the most recent of which included a complete ban on Russian seaborne crude oil imports.

The Central Bank of Ireland's letter, which was published today, aims to "provide information and to request that the information be shared, in order to assist their members as they meet their obligations under the EU Financial Sanctions."

"It is vitally important that Ireland plays its part in the effective implementation of sanctions to ensure that the sanctions achieve their desired goal," said Seána Cunningham, Director of Enforcement and Anti-Money Laundering.

"In this regard, it is important that all individuals and entities fully understand their obligations under sanctions regulations and their role in effective implementation, which is the purpose of our communication," Ms Cunningham said.

"The adoption of sanctions places legally binding obligations on all individuals and entities," she continued, "and we are requesting that business and professional groups would assist in ensuring that their members are aware of these obligations."

Sanctions impose "legally binding obligations" on all individuals and entities, according to the Central Bank of Ireland, with sanctions violations to be reported to the Irish Police (An Garda Sochana).

The Law Society, The Bar of Ireland, individual Chambers of Commerce, Ibec, Enterprise Ireland, ACCA, Chartered Accountants Ireland, Irish Congress of Trade Unions, and others are among the recipients of the letter.

By fLEXI tEAM