The European Commission on Friday made a proposal to fine companies with at least 5% of global turnover if they violate EU sanctions against Russia, Reuters reports.

The proposal, which must be approved by the European Parliament and the 27 EU member states, also provides that people who violate EU sanctions could be sentenced to a prison term of at least five years.

Violation of sanctions against Russia is already a criminal offense in some EU countries, but in others it is treated as an administrative offence, and the penalties vary between EU countries.

“There are still too many differences between member states on the penalties for breaching EU sanctions,” Justice Commissioner Didier Reynders said, adding that the proposed rules would bring clarity.

Russia’s economy will shrink by 2.5 percent next year, on top of a 3 percent contraction in 2022, a Reuters poll showed on Friday, as persistently high inflation gives the central bank limited room to cut interest rates.

Russia’s economic landscape has changed dramatically since Moscow sent tens of thousands of troops into Ukraine on February 24, prompting broad Western restrictions on its energy and financial sectors, including a partial freeze on Russian reserves, and prompting dozens of companies to exit the market.