On Monday 24 February, three years to the day since Russia invaded Ukraine, the EU Council adopted a 16th package of sanctions against Russia (see EUROPE B13583A1).
For the first time, the EU is imposing a transaction ban on three financial or credit institutions established outside Russia that use the Central Bank of Russia’s “Financial Messaging System” (SPFS). The provision of specialised financial messaging services is prohibited for 13 regional banks.
The Council is...