The G7 and the European Union are considering ways to strengthen sanctions against banks that help Moscow circumvent international sanctions. One possible approach is to apply measures to third-country credit institutions that use financial communication systems similar to SWIFT.
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Ahead of the group of Seven meeting in Italy, member states and the European Union are discussing measures to strengthen control over banks that help Russia circumvent international sanctions.
In particular, they are considering restrictions for third-country creditors who use alternative financial messaging systems similar to SWIFT to help Russia avoid trade sanctions. The EU proposes to restrict banks using the Russian SPFS system, which was created after the annexation of Crimea and is now used by more than 150 foreign banks in about 20 countries.
These discussions highlight the G7's long-standing commitment to preventing Russia from gaining access to key technologies that can be used in weapons.
Despite the successful disconnection of several Russian banks from SWIFT after a full-scale invasion of Ukraine, Moscow has found alternative ways to circumvent sanctions through third countries such as China and Turkey.
recall
The head of the National Bank Andrey Pyshny proposed to apply an innovative financial instrument — a reparation loan provided to Ukraine with international guarantees from Russian reserves in case of non-payment of reparations by Russia.