Lithuanian parlt okays tougher punishment for companies for violating sanctions

VILNIUS – The Seimas of Lithuania on Thursday okayed tougher punishment for Lithuanian companies for violating international sanctions against Russia and Belarus.

Under the amendments to the Law on International Sanctions, adopted by a vote of 90 in favor to one against with eight abstentions, violation of sanctions will be punishable by a fine of up to 50,000 euros, seizure of goods or money relating to the violations and/or a fine of up to 5 percent of annual revenue.

The amendments stipulate that tougher punishment will be handed out for violations of both international sanctions and the restrictive measures imposed by national authorities.

In addition, the Seimas adopted a proposal that the Criminal Code should also provide for liability for violations of the restrictive measures. The parliament expects to decide on these measures, drafted in response to Russia’s military aggression against Ukraine, next week.