EU imposes sanctions against Russian analog of SWIFT

The fourteenth package of EU sanctions against Russia includes measures against the Financial Messaging System (FMS), developed by the Central Bank of Russia

The EU Council has decided to ban the use of SFT. The EU will prohibit EU entities operating outside Russia from connecting to the SFT or equivalent specialized services.

Additionally, it will be illegal for EU operators to transact with legal entities on a special list that use PFSPs outside of Russia.

In the new package, the Council 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 military-industrial base by exporting, supplying, selling, transferring, or transporting dual-use goods and technologies, sensitive items, warfare goods, firearms, and ammunition to Russia.

Furthermore, the new EU sanctions include measures against Russian liquefied natural gas.

The new package also targets tankers belonging to the Russian oil “shadow fleet” and provides additional tools to combat the circumvention of existing restrictive measures.