President signs law on sanctions

Wednesday, September 10, 2014 - 12:14 (EEST) Section: Latest news

Ukrainian President Petro Poroshenko has signed the law on sanctions, which the Verkhovna Rada adopted on August 14.
According to the website of the parliament, law No. 1644-VII was returned to the Verkhovna Rada on September 10 with the president’s signature.
According to the document, the Verkhovna Rada will get powers to approve a presidential decree on the imposition of sanctions if they are introduced against a country or an indefinite range of subjects. If the decree concerns sanctions on individual entities, and the Ukrainian government prepared a list of 172 citizens of Russia and foreign nationals whose actions are aimed at undermining the territorial integrity of Ukraine and against Russian companies that supported the annexation of Crimean and finance separatism, such a decree is adopted on the basis of a decision of the National Security and Defense Council.
The grounds for imposing sanctions will be the actions of a foreign country, entity or person, resolutions of the UN General Assembly and the UN Security Council, decisions and regulations of the Council of the European Union, cases of violations of the Universal Declaration of Human Rights, and the UN Charter.
Sanctions include asset freezes, a ban on the activity of entities in Ukraine, a ban on the use of radio frequencies, the Internet and other forms of communications, a ban on participation in privatization, a ban on the use of licenses, and a full or partial ban on the transit of all types of resources.
In addition, such types of sanctions as a ban on entry and movement are envisaged.
Ukraine may also suspend the effect of trade agreements, joint projects and programs in some industrial sectors, particularly in the area of security and defense.