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EU Solidarity with Ukraine

Financial and business service measures

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    Sanctions cover 70% of the Russian banking system’s assets

Targeting the Russian banking sector

Cutting Russia’s access to capital markets of the EU increases borrowing and transaction costs for sanctioned entities and gradually erodes Russia’s industrial base.

Measures include prohibiting

  • any form of lending to and buying of securities issued by certain Russian banks and government (including the Central Bank)
  • all transactions with certain Russian state-owned enterprises across different sectors – the Kremlin’s military-industrial complex
  • export of banknotes and the sale of transferable securities in all EU official currencies
  • rating of Russia and Russian companies by EU credit rating agencies and the provision of rating services to Russian clients
  • the provision of high-value crypto asset services to Russia and all crypto-asset wallets, irrespective of the amount
  • business services, directly or indirectly, such as accounting, auditing, statutory audit, bookkeeping and tax consulting services, IT consultancy, legal advisory, architecture and engineering services, management consultancy, public relations, market research and public opinion polling, technical testing and analysis, advertising, and rating services
  • advice to wealthy Russians regarding financial planning and trusts and banning their big deposits in EU banks
  • Russian nationals from governing bodies in Member States’ critical infrastructure
  • transactions with banks and crypto asset providers in Russia and third countries that support Russia’s defense-industrial base 

The EU has imposed assets freezes and financing bans on a number of Russian banks and is blocking Russia’s EU-held foreign exchange reserves by