Legal News by BBW LAW - March 2022

Mon | 07.03.2022

Legal

LEGAL INSIGHTS

Ukrainian-Russian War determined the European Union as well as the Member States to impose harsh and never seen before restrictive measures related to Russia's finance, defence, energy, aviation, and space sectors.

Our Legal Insight will give you a brief overview of the main economic sanctions on goods that EU imposed on Russia. Such sanctions are applied until 31 July 2022.

These sanctions approved by EU apply directly in Romania, without any other formalities

Goods related Sanctions: prohibit direct or indirect sale, supply, transfer or export (including related technical assistance and financing) to any natural or legal person, entity or organization in Russia or for use in Russia, of the following goods:

• all dual-use goods and technology listed in Annex I to Regulation (EU) 2021/821 of the European Parliament and of the Council (including crucial advanced technology, such as: drones and software for drones; software for encryption devices, semiconductors and advanced electronics). The competent authorities of the Member State may authorise the sale, supply, transfer or export of dual-use goods and technology or the provision of related technical or financial assistance, for non-military use and for a non-military end user, in accordance with the rules and procedures laid down in Regulation (EU) 2021/821, which shall apply mutatis mutandis. The authorisation shall be valid throughout the Union
• goods and technology suited for use in oil refining, whether or not originating in the Union. This prohibition shall not apply to the performance until 27 May 2022 of contracts concluded before 26 February 2022, or ancillary contracts necessary for the execution of such contracts.
• goods and technology suited for use in aviation or the space industry, whether or not originating in the Union. It shall be also prohibited to provide insurance and reinsurance, directly or indirectly, in relation to such goods and technology. This prohibition shall not apply to the performance until 28 March 2022 of contracts concluded before 26 February 2022, or ancillary contracts necessary for the execution of such contract.
• military goods and related material (subject to the grandfathering of contracts concluded before 1 August 2014) from the EU into Russia and vice versa.

The European and Romanian legislation provide also the procedure for obtaining derogations from such sanctions and the applicable terms and conditions for such derogations.

The main authorities with competence in checking and applying these sanctions are: ANAF (Romanian Tax Authority), Money Laundering Office, National Bank of Romania, Ministry of Foreign Affairs and Interministerial Council.

Violation: the violation of such sanctions could be considered criminal offence or administrative offence.

LEGAL NEWS

FINANCIAL STATEMENTS 2021

The Ministry of Finance approved and published Order 85/2022 regarding the submission of the financial statement for 2021. This order brings some news regarding the turnover and new accounts. Nevertheless, the corporate procedure for approving the financial statements remain the same as the deadlines for submission of the financial statements for 2021:

• 30 May 2022 for companies (150 days as of the end of the financial year );
• 2 May 2022 for NGOs (120 days as of the end of the financial year).

JOBS IN ROMANIA

In February 2022, the Minister of Labour and the President of the Statistics Institute have updated the Jobs Classification in Romania by introducing new jobs and amending the names of jobs already listed, including in IT sector.

SICK LEAVE AND ALLOWANCES

The legal provisions on sick leave and allowances have been amended by adding a new category of sick leave that can be claimed - leave and allowances for the care of cancer patients. The new provisions will take effect as of 16 April 2022.

STATE AID SCHEME FOR RENEWABLE ENERGY

Biomass, biogas and geothermal energy - has been approved by the Government. The scheme is aimed at all companies with activity in electricity and heat production. The period of applicability of the scheme is until 31 December 2023. The total value of the scheme is EUR 21 million and the maximum value of the aid is EUR 15 million.

This article is provided by our Legal Partner BBW LAW l BORA BANU van de WAART.

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