Transfer of EU Sanctions Portfolio Could Lead to Stricter Sanctions Enforcement
The European Union’s transfer of authority over its sanctions portfolio represents an increased focus on “stricter sanctions enforcement” and could potentially redefine the impact of EU sanctions, according to a Nov. 21 post from the Royal United Services Institute. The change, made by the European Commission earlier this month, transferred the EU sanctions portfolio from the High Representative for Foreign Affairs and Security to the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (FISMA).
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The move’s intent was to ensure EU sanctions are “fully implemented” and better enforced across EU member states, according to a commentary posted on the RUSI website. Because EU sanctions decisions are made collectively by all member states and must be implemented across Europe, some sanctions are unevenly enforced. “At worst,” the post said, it has led to “opportunities for sanctions evasion, or a sanctions regime that is less effective than it could be.” FISMA has the ability to “launch cases against those member states who fail to implement regulations properly,” RUSI said, potentially creating more stringent sanctions enforcement.
“The EU will hope that by more stringently monitoring how member states are implementing EU sanctions measures, any loopholes that provide opportunities for circumventing EU sanctions are closed,” RUSI said, adding that the move will likely be applauded by private industries that work across jurisdictions within the EU and crave consistency.