EU bans 3 Belarusian banks from Swift in wake of Russia-Ukraine conflict

The EU banned three Belarusian banks from the Swift messaging network as part of sanctions placed on the country's financial sector for its involvement in Russia's invasion of Ukraine.

The sanctions will bar Belagroprombank OJSC, Bank Dabrabyt JSC and JSC Development Bank of the Republic of Belarus, along with their units, from Swift, or the Society for Worldwide Interbank Financial Telecommunication, the European Commission said in a March 9 release. The measures come after seven Russian lenders were banned from the financial messaging network, including VTB Bank PJSC and PJSC Bank Otkritie Financial Corp.

Meanwhile, Finnish Prime Minister Sanna Marin said Finland is supporting the expansion of the Swift ban to all of Russia's banks, Reuters reported March 9.

The new sanctions will also prohibit transactions with Belarus' central bank with regard to reserves or assets. Deposits of more than €100,000 from Belarusian nationals will not be accepted in the bloc, and euro-denominated banknotes will not be provided to Belarus.

Belarus' state-owned entities will be forbidden to list and provide services on EU trading venues as of April 12.

Moreover, the bloc placed additional measures against Russia, including banning the export of maritime navigation goods and radio communication technology to the country. The council is also proposing to place restrictions on cryptoassets moving in and out of Russia.