New EU sanctions: financial restrictions against Russia
On 23 October, the European Commission adopted a new, 19th package of sanctions against Russia. The measures cover key sectors of the economy, including finance. Here is what you should know.
Banking
All direct and indirect transactions within the European Union have been banned for five additional Russian banks.
Cashless payments
The European Union prohibits operators from conducting any transactions with Russia’s national payment card system MIR and the Fast Payment System (SBP).
Cryptocurrencies
The sanctions include a ban on EU operators providing cryptocurrency-related services to Russian citizens, residents, or entities, as well as a ban on trading certain Russian cryptocurrencies.
Cryptographic services
Operators from the European Union are prohibited from providing cryptographic services and selected fintech solutions that could enable Russia to develop its own financial infrastructure.
Transactions with other entities
Operators from the European Union are not allowed to conduct any transactions with specific banks from Central Asia that support Russia.
