Central Bank of Ireland says it has seen ‘significant’ demand for Russia sanction waivers

According to the Central Bank’s website, the volume is such that applicants need to be aware that it may take “several weeks if not longer, to assess derogation applications”.

Under a website heading “urgent derogation applications”, the Central Bank said it will prioritise cases where the EU sanctions regulations require “a derogation to be provided by a certain date or in circumstances where a derogation is urgent for other reasons”.

In response to Russia’s invasion of Ukraine in early 2022, the European Union has introduced 10 new rounds of sanctions in addition to those imposed after Moscow’s annexation of Crimea in 2014.

Many of the EU Council Regulations within these packages contain derogation provisions, with the Central Bank of Ireland responsible for assessing applications for waivers to financial sanctions here in Ireland.

A Central Bank spokeswoman said it was “not appropriate for the Central Bank of Ireland to comment on the specific nature of the derogation applications received and/or authorisations granted”.

The spokeswoman added the Central Bank took its role in assessing sanctions derogation applications extremely seriously.

Separately, PAO Sovcomflot, Russia’s largest shipping company and currently under EU sanctions, said last week that it “continues to work with Irish and UK regulators” to obtain approvals required to make payments on Eurobonds, where the rights to such bonds are “accounted for not in the Russian infrastructure”.

The Central Bank said it is not in a position to comment on individual derogation applications received in connection with EU restrictive measures.