Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

The European Union has imposed a full transaction ban on four key Russian banks as part of its fifth round of sanctions against Moscow.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Russian lenders, Bank Otkritie, Novikombank, Sovcombank, and VTB Bank have been slammed with the new EU sanctions.

“A full transaction ban is imposed on four key Russian banks representing 23% of market share in the Russian banking sector. After being de-SWIFTed these banks will now be subject to an asset freeze, thereby being completely cut off from EU markets,” the EU Council said in a statement.

Earlier, the EU cut off VTB Bank, Novikombank, Promsvyazbank, Sovcombank, Rossiya, Otkritie and VEB.RF from SWIFT, a global system for interbank payments.

EU high representative for Foreign Affairs and Security Policy Josep Borrell said: “These latest sanctions were adopted following the atrocities committed by Russian armed forces in Bucha and other places under Russian occupation.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“The aim of our sanctions is to stop the reckless, inhuman and aggressive behaviour of the Russian troops and make clear to the decision-makers in the Kremlin that their illegal aggression comes at a heavy cost.”

With the new restrictions in place, the EU sanctions now apply to 80 entities and 1091 individuals.

Separately, the Japanese government announced its decision to freeze the assets of Sberbank and Alfa-Bank, a TASS report said.

Japan’s announcement comes after the G7 members said that they will continue targeting Russian lenders in response to Moscow’s military aggression toward Ukraine.