The European Union (EU) states that the correct application of financial sanctions is crucial in order to meet the objectives of the Common Foreign and Security Policy and especially to help prevent the financing of terrorism. The application of financial sanctions constitutes an obligation for both the public and private sector.
In this regard, the EU assigns particular responsibility to credit and financial institutions, since they are involved in the bulk of financial transfers and transactions affected by the relevant Regulations. The sanctions are agreed to and implemented across the entire member block.