Under the EU’s most recent round of sanctions on Moscow for waging war against Ukraine, four Russian banks have been barred from doing any business in the EU.
According to a press release issued by the European Commission on Friday, the banks’ assets have also been blocked, though it did not name the specific lenders.
When EU authorities complete putting the final documentation together in a few hours, those details will be revealed. SWIFT, an international payment messaging platform used to carry out transactions, has already been shut down for the institutions.
Brussels’ newest move to cut Russia out of the world’s financial systems and inflict as much economic pain as possible is the fifth round of sanctions, with another in the works. The four firms targeted account for 23% of Russia’s banking industry. The package also includes a restriction on Russian coal imports and the prohibition of Russian flagged ships from accessing European ports.
Furthermore, the EU is imposing new restrictions on cryptocurrency companies that provide services to Russians in Europe, citing fears that oligarchs could utilize the market to relocate their riches.
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