Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Alamy Stock Photo

EU adds 160 Russian oligarchs to sanctions list, cuts three Belarus banks from SWIFT system

The names are set to be unveiled shortly, when the sanctions are formally published in the EU’s official journal.

THE EUROPEAN UNION has agreed to add 160 Russian oligarchs and lawmakers to its sanctions blacklist, target crypto-assets and hit the maritime sector over Moscow’s war in Ukraine, officials said.

The 27-nation bloc also gave the go-ahead to cut three Belarusian banks from the global SWIFT messaging system over Minsk’s support for the Kremlin’s attack.

The EU is looking to close off loopholes in the unprecedented barrage of sanctions it unleashed along with Western allies after Russian President Vladimir Putin launched the invasion.

“We are further tightening the net of sanctions responding to Russia’s military aggression against Ukraine,” European Commission chief Ursula von der Leyen tweeted.

A statement said 146 members of Russia’s upper house of parliament and 14 Kremlin-linked oligarchs and their relatives would be added to the assets freeze and visa ban blacklist.

The names are set to be unveiled shortly, when the sanctions are formally published in the EU’s official journal.

The bloc will also broaden restrictions to cover cryptocurrencies in a bid to prevent sanctioned individuals and companies using the encrypted digital systems to circumvent the sanctions.

The measures against the maritime sector will restrict exports of “navigation and radio communication technology” to Russia.

Kremlin ally Belarus has been used as a key launchpad for Moscow’s offensive and the EU is also stepping up measures against the country.

That includes cutting three banks – Belagroprombank, Bank Dabrabyt, and the Development Bank of the Republic of Belarus – from the SWIFT system.

Furthermore the bloc will “prohibit transactions with the Central Bank of Belarus related to the management of reserves or assets” and limit financial inflows from Belarus into the EU.

The EU is trying to ratchet up pressure on the Kremlin and officials say they are ready to impose further sanctions on Moscow if it does not end the war.

But the bloc has so far rejected following the lead of the United States and targeting Russia’s key oil and gas exports given the reliance of member states on energy from its giant eastern neighbour.

© – AFP, 2022

Author
View 6 comments
Close
6 Comments
This is YOUR comments community. Stay civil, stay constructive, stay on topic. Please familiarise yourself with our comments policy here before taking part.
Leave a Comment
    Install the app to use these features.
    Mute Gerry McCaughey
    Favourite Gerry McCaughey
    Report
    Mar 9th 2022, 3:34 PM

    Well done EU, while the UK continue to make one fu after another

    67
    Install the app to use these features.
    Mute Genera L Consensus
    Favourite Genera L Consensus
    Report
    Mar 9th 2022, 3:45 PM

    @Gerry McCaughey: More oligarchs in the UK than Ukrainians

    70
    Install the app to use these features.
    Mute Pat Barry
    Favourite Pat Barry
    Report
    Mar 9th 2022, 5:18 PM

    @Genera L Consensus: There’s 40K Ukranian born people living in the UK.

    4
    See 2 more replies ▾
    Install the app to use these features.
    Mute john smith iv
    Favourite john smith iv
    Report
    Mar 9th 2022, 7:03 PM

    @Pat Barry: 50,000 Russian oligarchs.

    9
    Install the app to use these features.
    Mute Pat Barry
    Favourite Pat Barry
    Report
    Mar 9th 2022, 7:20 PM

    @john smith iv: That’ll be their net worth after all this.

    1
    Install the app to use these features.
    Mute Will
    Favourite Will
    Report
    Mar 9th 2022, 5:46 PM

    Great news! Now will they take the oligarchs within the EU……

    9
Submit a report
Please help us understand how this comment violates our community guidelines.
Thank you for the feedback
Your feedback has been sent to our team for review.

Leave a commentcancel