EU, UK Lay Out Further Russia Sanctions on SWIFT, Russian Central Bank and Airplanes
The U.K. and EU over the weekend added to the deluge of restrictions placed on Russia following its invasion of Ukraine, banning all Russian planes from European airspace and imposing sanctions on the Russian Central Bank. The EU and the U.K. also announced sanctions on SWIFT, a messaging service used by global financial institutions.
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The U.K.'s Office of Financial Sanctions Implementation, in a Feb. 28 news release, announced the restrictive measures on the Central Bank of the Russian Federation, taken along with the U.S. and the EU. Any U.K., EU or U.S. individual or entity will be barred from taking part in any transaction involving the CBR, the Russian national Wealth Fund and the Ministry of Finance, OFSI said.
"These measures demonstrate our determination to apply severe economic sanctions in response to Russia’s invasion of Ukraine," U.K. Chancellor of the Exchequer Rishi Sunak said. "We are announcing this action in rapid coordination with our US and European allies to move in lock step once more with our international partners, to demonstrate our steadfast resolve in imposing the highest costs on Russia and to cut her off from the international financial system so long as this conflict persists."
The U.K. also announced measures to stop Russian companies from issuing transferable securities in the U.K. and halted sanctioned banks from clearing payments through the U.K., OFSI said. The U.K. will also impose a host of export controls, including restrictions against "high-end and critical technical equipment and components" in telecommunications, aerospace and electronics sectors.
EU sanctions include restrictions on SWIFT, the Central Bank, additional Russian oligarchs and Russian aircraft, EU Vice President Josep Borrell said Feb. 27. With the imposition of sanctions on the central bank, "more than half of [the bank's] reserves will be blocked," Borrell said. The EU also sanctioned 26 people and one entity for undermining Ukraine, including various oligarchs and businessmen active in the oil, banking and finance sectors, government members, high-level military officials and "propagandists."
In response to the U.K.'s banning all Russian planes from European airspace, Russia banned U.K. aircraft from Russian airspace, Russia's transportation agency said, according to an unofficial translation.