EU Financial Sanctions on Russia’s Banking Sector
EU Financial Sanctions on Russia’s Banking Sector

Author(s): Elżbieta Kaca
Subject(s): Politics, Supranational / Global Economy, Economic policy, International relations/trade, Security and defense, Russian Aggression against Ukraine
Published by: PISM Polski Instytut Spraw Międzynarodowych
Keywords: EU; Russia; financial sanctions; banking sector;
Summary/Abstract: On 2 March, the EU published further financial restrictions against Russia adopted in the scope of a third package of sanctions, including those related to the SWIFT system. Despite ambitious declarations at the European Council on 24-25 February, EU sanctions in the banking sector are selective, and the most important EU action so far has been to freeze the reserves of the Central Bank of Russia. To increase the problems of the Russian banking sector, the EU should freeze the assets of all major banks in Russia and cut off its entire sector from SWIFT. This is still an open issue for negotiation between the Member States.

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