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EU sanctions Belinvestbank, Sberbank, two more Russian banks from June 14

Belarusian Belinvestbank, as well as Russian Sberbank, Rosselkhozbank and Credit Bank of Moscow are included in a new package of EU sanctions Brussels adopted in connection with Russian special operation in Ukraine. This is according to a statement by the Council of the EU, published in the Official Journal of the EU on Friday.

"It shall be prohibited to provide specialized financial messaging services, which are used to exchange financial data, to the legal persons, entities or bodies listed in Annex V or to any legal person, entity or body established in Belarus whose proprietary rights are directly or indirectly owned for more than 50% by an entity listed in Annex V," according to one of the clauses of the document.

The attached table lists four Belarusian banks that are subject to EU restrictions. For Belinvestbank, the sanctions come into effect from June 14, 2022, while for commercial Belagroprombank, Dabrabyt Bank and the specialized financial institution Development Bank, they have been effective since March 20.

The list includes ten Russian banks. As part of the sanctions Sberbank, Rosselkhozbank and the Credit Bank of Moscow will be disconnected from SWIFT from June 14.

SWIFT is an international system for transferring interbank payments. It is named after the Society for Worldwide Interbank Financial Telecommunication, which is its operator. The system ensures fast and secure exchange of data on funds transfers, payments and securities exchange via a special SWIFTNet network, which operates on the same principle as the Internet. Unlike payment systems (Visa or Mastercard) the system only transfer messages and is used at the interbank level.

[Source: Tass, Paris, 03Jun22Tass, Moscow, 25Jul22]

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