Russia’s military aggression against Ukraine: EU agrees new sectoral measures targeting Belarus and Russia

Following up on the restrictive measures adopted on 2 March in response to the involvement of Belarus in the unjustified and unprovoked Russian military aggression against Ukraine, and in view of the continued gravity of the situation, the Council today adopted additional sectoral measures targeting the Belarusian financial sector.

The agreed measures will:

• restrict the provision of specialised financial messaging services (SWIFT) to Belagroprombank, Bank Dabrabyt, and the Development Bank of the Republic of Belarus, as well as their Belarusian subsidiaries;
• prohibit transactions with the Central Bank of Belarus related to the management of reserves or assets, and the provision of public financing for trade with and investment in Belarus;
• prohibit the listing and provision of services in relation to shares of Belarus state-owned entities on EU trading venues as of 12 April 2022;
• significantly limit the financial inflows from Belarus to the EU, 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;
• prohibit the provision of euro denominated banknotes to Belarus.

Furthermore the Council introduced further restrictive measures with regard to the export of maritime navigation goods and radio communication technology to Russia. By virtue of this decision it will be prohibited to sell, supply, transfer or export, directly or indirectly, maritime navigation goods and technology to any natural or legal person, entity or body in Russia, for use in Russia, or for the placing on board of a Russian-flagged vessel.

The Council also expanded the list of legal persons, entities and bodies subject to the prohibitions related to investment services, transferable securities, money market instruments, and loans.

Lastly the Council clarified the notion of “transferable securities” so as to clearly include crypto-assets, and thus ensure the proper implementation of the sectoral restrictions in place.

The European Union condemns in the strongest possible terms the Russian Federation’s unprovoked and unjustified military aggression against Ukraine, as well as the involvement of Belarus in this aggression.

The European Union demands that Russia immediately ceases its military actions, unconditionally withdraws all forces and military equipment from the entire territory of Ukraine and fully respects Ukraine’s territorial integrity, sovereignty and independence within its internationally recognised borders. The European Council calls on Russia and Russia-backed armed formations to respect international humanitarian law and stop their systematic information manipulation, including disinformation campaign and cyber-attacks.

The use of force and coercion to change borders has no place in the 21st century. Tensions and conflict should be resolved exclusively through dialogue and diplomacy. The EU will continue cooperating closely with neighbours and reiterates its unwavering support for, and commitment to, the sovereignty and territorial integrity of Georgia and of the Republic of Moldova. It will continue strong coordination with partners and allies, within the UN, OSCE, NATO and the G7.

The relevant legal acts have been published in the Official Journal (see links below).

• Official Journal of the EU L082 of 9 March 2022 (sectoral measures on Belarus)
• Official Journal of the EU L081 of 9 March 2022 (sectoral measures on Russia)
• EU restrictive measures in response to the crisis in Ukraine (background information)
• European Council conclusions, 24 February 2022
• Ukraine: Declaration by the High Representative on behalf of the European Union on the invasion of Ukraine by armed forces of the Russian Federation (24 February 2022)

More information: European Council – Press release