EU imposes sanctions against Russian analogue of SWIFT

The 14th package of EU sanctions against Russia includes measures against the System for Transfer of Financial Messages’ (SPFS), developed by the Central Bank of Russia as an analogue of the SWIFT system.

Source: press service of the European Union, as reported by European Pravda 

Details: In particular, the Council of the EU has decided to ban the use of the SPFS.

EU entities operating outside of Russia will be prohibited from connecting to the SPFS or equivalent specialised services.

In particular, EU operators will be prohibited from conducting transactions with legal entities on a special list that use SPFS outside Russia.

The Council's new package also introduces a ban on transactions with targeted financial institutions and cryptocurrency providers established outside the EU if these entities facilitate transactions that support Russia's defence industry base by exporting, supplying, selling, transferring or transporting dual-use goods and technologies, sensitive items, warfare goods, firearms and ammunition to Russia.

In addition, the new EU sanctions include measures against Russian liquefied natural gas. The new package targets tankers belonging to the Russian oil "shadow fleet".

As previously reported, the new EU sanctions package against Russia provides for additional tools to combat the circumvention of existing restrictive measures.

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