Russia-Ukraine Conflict: EU Introduces Further Restrictions against Russian Institutions

In a bid to punish Vladimir Putin's regime, the European Council on Wednesday introduced further restrictive measures against the Russian Federation following its military operations in Ukrainian territory.

In a statement released by the EU, it said: "The Council decided in particular to prohibit: the provision of specialized financial messaging services, which are used to exchange financial data (SWIFT), to Bank Otkritie, Novikombank, Promsvyazbank, Rossiya Bank, Sovcombank, Vnesheconombank (VEB), and VTB Bank’."

"This prohibition will enter into force on the tenth day after the publication in the Official Journal of the EU, and will also apply to any legal person, entity, or body established in Russia whose proprietary rights are directly or indirectly owned for more than 50% by the above-mentioned banks," the statement noted.

Russians will not be allowed to transfer or export euro-denominated banknotes to Russia or to any natural or legal person, entity, or body in Russia, including the government and the Central Bank of Russia, or for use in Russia, to invest, participate or otherwise contribute to future projects co-financed by the Russian Direct Investment Fund, according to EU.

The new punishments also prescribed a ban on the overflight of EU airspace and on access to EU airports by Russian carriers of all kinds, a ban on the transactions with the Russian Central Bank, and the prohibition for state-owned media Russia Today and Sputnik' to broadcast in the EU.

In conclusion, the council strongly condemned the Russian Federation’s military operations against Ukraine and 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 recognized borders.