Sanctions against Russia incorporated into Norwegian law
Published: 18 March 2022
In response to Russia's illegal attack on Ukraine, the Norwegian government has today imposed extensive sanctions. Finanstilsynet asks all supervised institutions to ensure that they have good procedures and systems in place to ensure compliance with the regulations.
The sanctions are a comprehensive addition to the sanctions imposed by Norway in 2014 following Russia's annexation of Crimea. Implementation of the sanctions regulations is enforced by the Ministry of Foreign Affairs, which today has laid down regulations on restrictive measures. The regulations enter into force immediately.
The regulations mainly correspond to measures adopted by the EU up to and including 9 March 2022. On 15 March 2022, the EU adopted further measures that the government is now considering, aiming to ensure rapid incorporation into Norwegian law. Violation of the measures is a criminal offence.
If institutions identify customers or transactions subject to sanctions and restrictive measures, they are under an obligation to notify the Ministry of Foreign Affairs. Finanstilsynet asks for a copy of such notifications.