SMB News: Guidance on Article 5r of Regulation 833/2014

The Sanctions Monitoring Board (SMB) has published guidance on the reporting obligations and deadlines under Article 5r of Regulation 833/2014, concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine. Under this provision, the European Union (EU) has introduced a requirement which will allow the SMB better visibility on the flow of funds related to Russian-owned entities outside of the EU, without jeopardising the activities of entities that are (partly) Russian-owned and operating legitimately in the EU.
 
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