In April 2024, the National Assembly of the Republic of Bulgaria submitted a draft law to amend and supplement the Law on the Promotion of Investments. The draft law provides for the introduction of a ban on the application of investment promotion measures against persons who are subject to international restrictive measures, and at the same time this draft law represents an important step in the protection of 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 persons are subject to international restrictive measures. These measures may 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 persons subject to international sanctions:
- Arms embargo: Prohibition on the import and export of military and military-technical products.
- Restrictions on equipment: Restrictions on the use of equipment that can be used for internal repression.
- Trade restrictions: Prohibitions on the import and export of goods and services.
- Admission Restrictions: No visa or travel.
- Financial restrictions: Restrictions 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 persons subject to restrictive measures from enjoying economic privileges that could encourage investment.
5. International organizations and mandatory measures: The draft law also includes 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 is an important step for the protection of human rights and for the creation of fair and sustainable economic relations.
