EU’s imposing a transaction ban on 20 Russian banks

BRUSSELS:The European Union is imposing a ban on transactions involving 20 Russian banks, as well as on four financial institutions in third...

BRUSSELS:The European Union is imposing a ban on transactions involving 20 Russian banks, as well as on four financial institutions in third countries, according to a statement by the European Commission.

"The EU is imposing a transaction ban on 20 Russian banks. In addition, the EU is targeting four financial institutions in third-countries with a transaction ban for circumventing EU sanctions or for connection with the Russian System for Transfer of Financial Messages, the Russian banking messaging network," the statement says.

In particular, the ban applies to transactions with WB Bank, Russian Standard Bank, Avangard, Fora Bank, Petersburg Social Commercial Bank, BCS Bank, and a number of other banks.

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