In April 2024, a draft law related to amendments and supplements to the Law on the Promotion of Investments was submitted in the National Assembly of the Republic of Bulgaria. The proposed law aims to introduce a ban on applying investment promotion measures to individuals who are subject to international restrictive measures. Simultaneously, this draft law represents a significant step toward protecting international law and human rights. Briefly, the bill can be presented in the following structured way:
1. Basis and Scope of the Bill: The bill is based on Article 215 of the Treaty on the Functioning of the European Union and aims to regulate situations in which individuals are subject to international restrictive measures. These measures can be imposed by the European Union (EU) or the United Nations (UN) based on a UN Security Council resolution or another act of an international organization that is binding on the Republic of Bulgaria by virtue of an international treaty.
2. Types of Restrictive Measures: The bill covers various types of restrictive measures that can be imposed on individuals subject to international sanctions:
- Arms Embargo: Prohibition on the import and export of military and military-technical products.
- Restrictions on Equipment: Limitations on the use of equipment that can be employed for internal repression.
- Trade Restrictions: Prohibitions on the import and export of goods and services.
- Admission Restrictions: No issuance of visas or travel permissions.
- Financial Restrictions: Constraints on financial operations and transactions.
3. Lists of Individualized Persons: The bill provides for the creation of lists of natural and legal persons subject to restrictive measures. These lists are based on EU and UN acts and include individuals found to be complicit in serious violations of international law, including genocide, torture, and facilitation of war crimes.
4. Economic Privileges and Promotion of Investment: The draft law prohibits individuals subject to restrictive measures from enjoying economic privileges that could encourage investment.
5. International Organizations and Mandatory Measures: The bill also encompasses restrictive measures adopted by other international organizations, which are mandatory for the Republic of Bulgaria by virtue of an international treaty. This ensures that Bulgaria complies with international commitments and opposes violations of international law.
6. Conclusion: The bill aims to strengthen control and transparency in relation to investments and to prevent abuses that could contribute to violations of international law. This represents an important step for the protection of human rights and for the creation of fair and sustainable economic relations.