Council Regulation (EU) 2023/888 of 28 April 2023 concerning restrictive measures in view of actions destabilising the Republic of Moldova

New Council Regulation (EU) 2023/888 as regards sanction measures in connection with actions that destabilize the Republic of Moldova was published in the Official Journal (OJ) of the EU. The new regulation sets out an entirely new sanctions framework for activities that undermine the sovereignty of the country and / or that threaten democracy and stability in the Republic. The regulation thereby sets out
– the grounds for sanctioning individuals, entities, and bodies (e.g. for „obstructing or undermining the democratic political process“, for violently opposing democratic processes, or for the misappropriation of state funds);
– the type of sanctions that will be applied towards such persons, entities, and bodies (asset freezing);
– situations where national competent authorities may authorize the release of frozen funds (e.g. to meet human basic needs);
– general exceptions from the asset freezing measures (e.g. for the provision of humanitarian aid by EU authorized humanitarian entities);
– the financial transactions that may still be made under the new regulation such as the crediting of frozen accounts so long as the credited amounts are subject to asset freezing measures; and
– the notification and communication requirements of competent authorities and the Council with respect to the release of frozen funds or the designation of new individuals, entities, or bodies.