FIU Latvia at Kyiv Sanctions Forum: sanctions implementation is a collective effort at EU level

At the Forum, Paulis Iļjenkovs, Deputy Head of the Financial Intelligence Unit of Latvia (FIU Latvia), presented Latvia’s approach to strengthening the effectiveness of existing sanctions.

Particular attention was paid to the application of the European Union (EU) asset-freezing requirements in cases where a listed person owns or controls a non-listed entity. The discussion also addressed recent rulings of the Court of Justice of the European Union, which further clarifies the application of the control criterion and the required standard of evidence.

“Agreeing on a sanctions package at EU level is only the beginning of the work on sanctions implementation. Their real impact depends on rigorous and consistent implementation across the EU. Different interpretations of the same sanctions rules in Member States can lead to materially different outcomes in comparable situations. A common understanding and close cooperation between the authorities involved in sanctions implementation are therefore particularly important,” Iļjenkovs emphasised.

The Forum also addressed further measures to strengthen sanctions pressure on Russia, including restrictions in the energy and financial sectors, disruption of supply chains supporting Russia’s military-industrial complex, measures to restrict the flow of foreign components into Russian weapons, and measures targeting maritime transport used by Russia.

During the visit, the FIU Latvia representative also met with representatives from Ukraine’s financial intelligence unit to exchange experience and discuss current cooperation matters.

During the Forum, multiple air-raid alerts were declared in Kyiv, and part of the discussions continued in a bomb shelter. Even under these circumstances, Ukrainian institutions continue their work and international cooperation in the field of sanctions.

EU sanctions against Russia have been introduced in response to Russia’s military aggression against Ukraine. Their objective is to increase pressure on Russia and weaken its economic and military capacity to continue the war by restricting access to financial resources, technologies and markets.

EU sanctions are adopted by the Council of the European Union. In Latvia, the Ministry of Foreign Affairs is responsible for sanctions policy. Since 1 April 2024, FIU Latvia has been the competent authority for sanctions implementation.

Photo: The Presidential Office of Ukraine.