Treaty Establishing the European Community. The Treaty of Rome, the original full name of which was the Treaty establishing the European Economic Community (TEEC). It has been amended by successive treaties, changing its content, including by the 1992 Treaty of Maastricht, which established the European Union with the EEC becoming one of its three pillars, the European Community. Hence, the Treaty was then renamed the Treaty Establishing the European Community. When the Treaty of Lisbon came into force in 2009, the pillar system was abandoned, and the EC ceased to exist as a legal entity separate from the EU. The treaty was amended again, and renamed the Treaty on the Functioning of the European Union (TFEU). The Treaty of Lisbon upgraded the European Union’s treaty provisions against oppressive third countries, dictators and their henchmen as well as their foreign assets, by amongst others, inserting a new Title IV on restrictive measures, containing Article 215 TFEU, which brought economic and financial sanctions against third countries under one roof, combining Articles 301 and 60(1) says:
1. Where a decision, adopted in accordance with Chapter 2 of Title V of the Treaty on European Union, provides for the interruption or reduction, in part or completely, of economic and financial relations with one or more third countries, the Council, acting by a qualified majority on a joint proposal from the High Representative of the Union for Foreign Affairs and Security Policy and the Commission, shall adopt the necessary measures. It shall inform the European Parliament thereof.
2. Where a decision adopted in accordance with Chapter 2 of Title V of the Treaty on European Union so provides, the Council may adopt restrictive measures under the procedure referred to in paragraph 1 against natural or legal persons and groups or non-State entities.
3. The acts referred to in this Article shall include necessary provisions on legal safeguards.
The complete consolidated version of the TFEU can be found on:

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