Local companies controlled by Russian owners subject to sanctions will be allowed to keep functioning and will no longer have their accounts frozen, provided they apply for controlled operations and hire a supervisor appointed by the Romanian authorities, according to a system envisaged by the Government.

The designated supervisors will monitor the activity of the legal person "in order to identify any reasonable indications regarding the conduct of any operations with designated persons and/or entities," Profit.ro reported.

The system will be set in place after several Romanian companies controlled by Russian individuals, subject to sanctions, discontinued operations with negative economic and social impacts in the context of the sanctions imposed by the European Union against Russian companies and businessmen.

The designated supervisors will have rights and obligations and will be paid by the supervised entity. Among others, they will have access to all the documents received by the supervised legal person or emanating from it, respectively financial-accounting documents, legal and other documents regarding the economic activity.

The supervisors appointed by the state to such companies will be paid by the companies at least RON 10,000 (EUR 2,000) per month or the maximum pay provided for the company's management if it is lower.

andrei@romania-insider.com

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