EU sanctions more Russian banks to squeeze Putin’s war economy
politico.eu • • world
Key Points:
- The EU has imposed sanctions on 20 additional Russian banks, banning them from handling euro payments and doing business with companies across the bloc, marking the 20th sanctions package since Russia's invasion of Ukraine.
- The sanctions also target four banks from Kyrgyzstan, Laos, and Azerbaijan to prevent sanction evasion and restrict payments for Russian oil and gas, including a ban on EU businesses dealing with Russian cryptocurrency firms.
- These measures restrict foreign banks from using the SWIFT system for international trade with the sanctioned Russian banks, further isolating Russia financially.
- The EU is curbing exports of high-tech goods to Kyrgyzstan to prevent circumvention of sanctions, marking the first use of the anti-circumvention tool, while Kyrgyzstan has pledged reciprocal export bans to Russia.
- The sanctions were delayed due to Hungary and Slovakia's vetoes linked to disputes over the Druzhba oil pipeline, but resumed after Hungary's political shift and the restoration of oil flow, alongside approval of a €90 billion financial aid package to Ukraine.
