European Union sanctions against Russia’s central bank have come into force after they were published in the Official Journal of the European Union in the early hours of this morning.
They include a ban on any European transactions with the central financial institution of the Russian Federation, according to European Commission President Ursula von der Leyen.
All the resources of the Russian central bank in European jurisdiction will be frozen in order to prevent the financing of the war in Ukraine ordered by Russian President Vladimir Putin.
“As Russian forces launch their offensive in Kyiv and other Ukrainian cities, we are determined to continue to impose costs on Russia that will further isolate Russia from the international financial system and our economies,” the EU and France said. , Germany, Italy, the United Kingdom, Canada and the United States issued a coordinated statement condemning the Russian invasion.
The measures to be implemented in the coming days include the expulsion of “selected Russian banks from the Swift messaging system”.
“This will ensure that these banks are disconnected from the international financial system and limit their ability to operate globally.”
Swift is the global financial highway that allows the smooth and fast transfer of money across borders.
“Restrictive measures” in the Russian Central Bank
The Swift messaging system is not the only domain that targets the newly released joint statement.
The Western allies say they will also pledge to “impose restrictive measures that will prevent the Russian Central Bank from developing its international reserves in ways that undermine the impact of our sanctions.”
EU and allies will restrict “golden passports” for Russians
Western allies will also limit the ability of wealthy Russians to buy citizenship in other countries.
“We pledge to act against the people and entities that facilitate the war in Ukraine and the harmful activities of the Russian government,” the statement said.
“In particular, we are committed to taking measures to restrict the sale of citizenship – the so-called golden passports – that allow wealthy Russians associated with the Russian government to become citizens of our countries and gain access to our financial systems.”
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