Financial sanctions emanate from the EU and the UN and are contained in sanctions lists - see EU and UN headings below. The Central Bank webpages contain an up to date Financial Sanctions Update 2022
where you can see details of EU and UN Security Council updates. Please also visit the page on changes to the Russia/Ukraine Regulations as of 15 March 2022
which contains some useful information. Members must check whether they hold any funds or economic resources for the persons set out in the current sanctions lists.
In relation to Fund Service Providers, the Central Bank issued an industry communication
to them on 7 March 2022 on effectively managing risks due to the Russian invasion into Ukraine. The letter sets out Central Bank expectations that Fund Service Providers will take timely action, with heightened precautions, to ensure no breaches of the sanctions occur.
The Central Bank website states that once a person or entity has been sanctioned under EU Financial Sanctions, there is a legal obligation not to transfer funds or make funds or economic resources available, directly or indirectly, to that person or entity.
For general information on sanctions, you can click here to access the Central Bank webpage "Introduction to Financial Sanctions”
. The Central Bank also has a Financial Sanctions FAQs Booklet
(2015) and while it is published for credit and financial institutions, it may answer some of your general queries in relation to sanctions.