European Union: Export Controls & Trade & Investment Sanctions

The Survey on External Financial Statistics (EFS) is a mandatory quarterly reporting requirement for selected Cyprus entities conducting cross-border financial transactions. Understanding the legal framework, submission deadlines, and potential penalties is crucial for compliance with Central Bank of Cyprus regulations and avoiding fines that can exceed €85,000.

It is being reported (originally here behind a paywall, and here) that Portugal’s Tax and Customs Authority currently has ongoing investigations into possible breaches and/or circumvention of the EU’s Russian sanctions.

Following a raid conducted in June 2025, the Belgian authorities have detained Russian national Viktor Labin pending investigation of alleged breaches of Russian sanctions.