EU imposes new sanctions targeting banks from some CIS countries To cripple Russia’s war financing

The European Council has imposed a transaction ban on eight banks and oil traders from Tajikistan, Kyrgyzstan, the UAE, and Hong Kong, aimed at cutting off those circumventing EU sanctions.

The ban was implemented as part of the 19th package of sanctions, adopted by the EU on October 23, in a move further targeting Russia’s financial network, Caliber.Az reports via the Council. 

The EU has also sanctioned four banks from Belarus and Kazakhstan, citing their links to Russian payment and messaging systems. The list also includes five additional Russian banks—Istina, Zemsky Bank, Commercial Bank Absolut Bank, MTS Bank, and Alfa-Bank—subjected to the same financial restrictions.

Beyond financial institutions, the EU is prohibiting operators from engaging with Russia’s National Payment Card System ("Mir") and the Fast Payments System ("SBP"), while imposing significant restrictions on economic ties with companies in nine Russian special economic zones that support the country’s industrial and military capacities.

As part of the 19th package, the EU has banned European financial institutions from conducting any transactions with these banks. Previously, the European Union had disconnected some of them from the SWIFT system, but it was still possible to carry out transactions through other systems, including direct messaging.

By Sabina Mammadli