G7 and EU countries want to impose restrictions on banks that help Russia evade sanctions - Bloomberg
Kyiv • UNN
The G7 and EU countries are considering tightening restrictions on banks that help Russia circumvent existing sanctions. Discussions are expected to continue until the G7 summit in June, where the leaders want to agree on a set of measures to better enforce sanctions
The group of seven countries, together with the EU, may tighten restrictions against banks that help Russia avoid existing sanctions. This issue will be one of the topics discussed at the June G7 Summit . About it with reference to its own sources writes Bloomberg, reports UNN.
Details
It is noted that some group of seven countries are considering measures against financial institutions from third countries that use the SPFS – a system for transmitting financial messages to the Central Bank of the Russian Federation, similar to SWIFT – to circumvent trade restrictions.
Sources Bloomberg specify that today the SPFS System is used by more than 150 foreign banks in about 20 countries – in particular, Belarus, Armenia, Kazakhstan, China and Tajikistan. The use of spas in 2023 was three times higher than in 2022.
The publication says that sanctions against this system were proposed by the European Commission. it wants to agree on them before the G7 summit, but several EU countries have opposed a complete ban on spas due to concerns that such a move could damage relations with third countries.
Addition
there are also alternative ways to limit Russia's ability to circumvent sanctions. One of these proposals provides for sanctions against specific banks that help Moscow, as well as tougher requirements for companies to check their subsidiaries and supply chains.
Discussions are expected to continue until the G7 summit in Italy, where they intend to agree on a set of measures to better enforce sanctions imposed on Russia for its war against Ukraine.
Recall
Foreign Minister Gabrielius Landsbergis said that the new package of EU sanctions against Russia should reduce the ability of businesses to work in circumvention of already imposed restrictions.
G7 and EU countries want to impose restrictions on banks that help Russia evade sanctions
