Measures for the application of international sanctions
Companies in Romania subject to sanctions imposed on Russia can continue their activity, but under the State supervision.
Roxana Vasile, 10.06.2022, 14:00
The impact on the national economy of international sanctions imposed on companies controlled by Russian entities due to the conflict in Ukraine must not be neglected. The protection of Romanian employees in these companies is a priority for the Romanian Government – the economy minister Florin Spătaru showed in a communique on Thursday. Romania must adapt and take measures as soon as possible to avoid chain crises – the minister said. His reaction comes in the context in which the government adopted an emergency ordinance, according to which companies from Romania, which are controlled by Russian entities targeted by sanctions, can continue their activity without having their accounts blocked, but only if they enter a state surveillance system.
The aim is twofold: to introduce guarantees to ensure that the European Union’s sanctions are not affected, while protecting companies and the Romanian labor market. More specifically, a company from Romania subject to sanctions will send a request to the Economy Ministry, which will check whether it meets the operating conditions. If the application is approved, then the Ministry appoints a representative who will act as a permanent supervisor. Consequently, the funds and resources of the company will be unblocked.
During this time, the supervisor will be able to participate, as an observer, in the meetings of the Shareholders General Assembly, of the Management Board and in other meetings regarding the company’s management. The observer will have access to all the locations where the company operates, as well as to all the documents received by the legal entity. The supervisor will also inform the Ministry when there are suspicions of non-compliance with the sanctions. If these suspicions are confirmed, then the company is denied the right to operate and is, once again, subjected to restrictions.
The government emergency ordinance was adopted on the same day when the representatives of the approximately 2,600 employees of the company TMK-ARTROM with Russian shareholders from Slatina (south) and Reșița (south-west), producing GRE pipes, went to Bucharest to protest in front of the government’s headquarters. They were dissatisfied with the delays in the payment of their salaries and feared they might lose their jobs. Now, they can relax, just like all the Romanians who work in companies with Russian shareholders. According to minister Florin Spătaru, such companies mainly operate in the metallurgical industry, in which about 22,000 people are employed, and in the automotive industry, where it is estimated that 5,000 jobs can be affected, out of about 200,000. (LS)
