On 2 March 2022, the EU announced another wave of new EU sanctions to be adopted – the exclusion of seven Russian banks from the SWIFT international payment system. This follows from the EU’s earlier sanctions on Russian individuals and entities, its ban on exports, as well as restrictions on the supply of various strategic goods and services, including items used in the oil refinery and high-tech sectors. This Update looks at the scope of the EU’s recent measures, and what parties should be mindful of, particularly in relation to relationships with Russian banks.
For more information, click here to read the full Legal Update.
