European Union imposed sanctions against the Russian analogue of SWIFT

European Union imposed sanctions against the Russian analogue of SWIFT

The fourteenth package of EU sanctions against Russia included measures against the “Financial Message Transmission System” (FMTS), developed by the Central Bank of Russia as an analogue of the SWIFT system.

This is stated in the message of the EU Council.

In particular, the EU Council decided to ban the use of FMTS.

EU entities operating outside Russia will be prohibited from connecting to FMTS or equivalent specialized services.

In addition, EU operators will be prohibited from carrying out transactions with legal entities included in a special list that use FMTS outside Russia.

Also in the new package, the Council introduces a ban on transactions with targeted financial institutions and cryptocurrency providers established outside the EU if these entities facilitate transactions that support the Russian defense industrial base by exporting, supplying, selling, transferring or transporting products and dual-use technologies, sensitive items, warfare products, firearms and ammunition.