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The EU is talking about tough sanctions against banks that cooperate with Russia: Reuters reveals details

Darina GertsevaNews
EU plans sanctions against banks that cooperate with Russia
EU plans sanctions against banks that cooperate with Russia. Source: Created with the help of AI

France and the Netherlands are demanding that the European Union impose sanctions on any financial institutions that help the Russian armed forces pay for goods or technology for weapons production. This initiative will be another step in efforts to deter Russia from further military aggression and sanctions circumvention.

Reuters writes about it. The essence of the initiative is to put an end to the financing of Russian military actions through international financial mechanisms.

In particular, the EU seeks to prevent the circumvention of existing sanctions that were imposed after Russia's invasion of Ukraine in 2022. These sanctions, which include a ban on the sale of dual-use goods and technologies, are intended to prevent Russia from obtaining resources for warfare.

A preliminary step in this strategy will be the inclusion of financial institutions that openly or covertly finance Russia's military actions on the sanctions list. The European Commission will oversee this agreement, working with American partners to make this mechanism even more effective.

This initiative is expected to have broad support in the EU, but there may be difficulties due to some differences of opinion among member states. For example, Hungary may oppose the introduction of such sanctions because they have certain economic and political interests that do not correspond to the pan-European strategy.

Germany may do the same, as it prefers not to jeopardize its close business ties with China. Last month, the European Commission announced that there were signs that Beijing was supplying Russia with components that could be used for weapons production.

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