Romania to allow firms controlled by sanctioned Russian entities to function under state supervision

June 10 (SeeNews) - Romania's government adopted an emergency decree allowing local companies controlled by entities which are subject to EU sanctions against Russia to continue their activity without having their accounts blocked if they are appointed a state supervisor, the economy ministry announced.

The decree establishes a set of guarantees in order to ensure that the EU's sanctions regime is not prejudiced, as the state grants derogations to help certain legal entities in Romania continue their activities, the economy ministry said in a press release on Thursday.

Such companies will be provided with a state-appointed supervisor only if a freeze of funds and resources would have a significant economic impact.

"After the EU imposed sanctions on Russian-owned companies, the Romanian economic chain has been indirectly impacted, so there is the issue of protecting companies in this chain that are not subject to sanctions, but especially the issue of protecting thousands of jobs," economy minister Florin Spataru said.

"One example is the metallurgical industry where about 22,000 people are employed, another - the automotive industry where it is estimated that 5,000 jobs out of about 200,000 are currently affected. Our goal is to reduce the risk of losing jobs."

If a company's request for state supervision is approved, a representative of the economy ministry will be appointed and the funds and/or economic resources of the legal entity will be unblocked.

Sourse: SeeNews