EU to disable SWIFT for Belagroprombank, Bank Dabrabyt, and Development Bank

March 9, BPN. The European Union is introducing a number of new restrictive measures against Belarus in response to its involvement in Russia’s aggression against Ukraine, the European Commission reports.

Restrictions are imposed on the provision of SWIFT services to Belagroprombank, Bank Dabrabyt, and the Development Bank of Belarus, as well as their Belarusian subsidiaries.

The EU prohibited the provision of euro denominated banknotes to Belarus.

Transactions with the National Bank of Belarus related to the management of reserves or assets, and the provision of public financing for trade with and investment in Belarus, are also prohibited.

As of April 12, 2022, the EU bans the listing and provision of services in relation to shares of Belarus state-owned entities on EU trading venues.

Financial inflows from Belarus to the EU are significantly limited by prohibiting the acceptance of deposits exceeding €100,000 from Belarusian nationals or residents, the holding of accounts of Belarusian clients by the EU central securities depositories, as well as the selling of euro-denominated securities to Belarusian clients. Crypto-assets are covered by the concept of “transferable securities,” according to the press release.

The new sanctions impose restrictive measures against 160 citizens of Russia and Belarus.

The press release notes that the new restrictions would help to ensure even more effectively that Russian sanctions cannot be circumvented, including through Belarus.