Four Russian banks are banned from doing business in the EU under the bloc’s latest round of sanctions against Moscow for waging war on Ukraine.
Banks’ assets were also frozen, according to a press release issued Friday by the European Commission, which refrained from naming specific lenders. Those details will emerge in a few hours, when EU officials have finished putting together the final documents. Banks have already launched on SWIFT, an international payment messaging platform that is essential for conducting transactions.
This fifth round of sanctions, with another in preparation, is the latest effort by Brussels to exclude Russia from global financial markets and apply as much economic pain as possible. The four targeted lenders represent 23% of the Russian banking sector. The package also includes a ban on the import of Russian coal and will prevent Russian-flagged vessels from entering European ports.
Additionally, the EU is introducing new limits on crypto companies providing services to Russians in Europe, fearing that the oligarchs could use the market to move their wealth. The exact details will also come later. And wealth managers and financiers will be banned from giving advice to wealthy Russians.
Other measures include ending financial support for Russian state bodies. Belarusian and Russian companies or individuals will also be prohibited from buying banknotes or securities, such as stocks and bonds, denominated in any of the official EU currencies.
“These latest sanctions were adopted following the atrocities committed by Russian armed forces in Bucha and other places under Russian occupation,” EU foreign policy chief Josep Borrell said in a statement. advice. “The purpose of our sanctions is to put an end to the reckless, inhumane and aggressive behavior of Russian troops and to impress on Kremlin decision-makers that their unlawful aggression comes at a high cost.”