Council Regulation (EU) 2023/2406 of 23 October 2023 concerning restrictive measures in view of the situation in Niger

New Council Regulation (EU) 2023/2406 as regards „restrictive measures in view of the situation in Niger“ was published in the Official Journal (OJ) of the EU. The new regulation sets out an entirely new sanctions framework for activities that undermine democracy, the rule of law, and the peace and stability in the country and / or that „constitute serious human rights violations or abuses or violations of applicable international humanitarian law in Niger“.
##### In detail, the regulation sets out the following key provisions:
– the grounds for sanctioning individuals, entities, and bodies in this context (being engaged in, responsible for, or supportive of above noted actions or other actions that relate to the detention of democratically elected government representatives);
– the type of sanctions that will be applied towards such persons, entities, and bodies (asset freezing);
– general exceptions from the asset freezing measures (e.g. for the provision of humanitarian aid by EU authorized humanitarian entities or the provision of services to satisfy basic human needs);
– financial transactions that may still be made under the new regulation such as the crediting of frozen accounts e.g. for interest payments or payments made by third parties so long as the credited amounts are subject to asset freezing measures;
– the notification requirements of financial institutions if any such payments are received;
– 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; and
– the requirement of national competent authorities to implement rules and regulations to prevent and punish – if so needed – violations of the new regulation.
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Please note: these are only the key provisions outlined in the new regulation. For more detailed, comprehensive information, please refer to the original legal document. It shall also be noted that the regulation is based on Council Decision (CFSP) 2023/2287 which applies until October 24, 2024 (EventID 23415).