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Saturday, 18 May
economy

Poland imposed powerful sanctions against the Russian economy: the first details

Polish President Andrzej Duda signed a law providing for an embargo on coal imports from Russia and the possibility of freezing the assets of Russian citizens and companies in support of aggression against Ukraine. This is reported by Reform.by.

The office of the Polish leader noted that the law provides for norms for the implementation of the decision taken at the level of the European Union.

In accordance with the document, it is prohibited to import and transit thermal or coking coal (trade nomenclature codes 2701 and 2704) to Poland from the territory of the Russian Federation and Belarus.

Violators of the ban will face confiscation of goods and a fine of up to PLN 20 million (UAH 140 million).

In addition, the law prohibits the use of symbols and names that support the aggression of the Russian Federation against Ukraine. Violation of this prohibition may result in a fine or imprisonment for up to two years.

The law enters into force on the day following its publication.

In terms of freezing the assets of persons supporting the war in Ukraine, the Minister of Internal Affairs and Administration is empowered to form such lists.

It will include people who directly or indirectly support Russia's aggression, or a serious violation of human rights, or the suppression of civil society, or other activities that pose a serious threat to democracy and the rule of law in the Russian Federation and the Republic of Belarus.

The law also provides for secondary sanctions. They will concern persons who do not comply with asset freezing obligations, do not comply with the obligation to immediately provide the information necessary to implement EU sanctions. They can be fined up to PLN 20 million (about $4.8 million at the current rate).

The document also limits the admission of sanctioned persons to public procurement procedures.