Citadele Bank

Latest EU Sanctions Will Make Payments to and from Russia and Belarus Even Slower

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Bearing in mind the fact that yesterday, March 15th, the European Union (EU) approved a fourth round of sanctions against Russia related to its illegal war against Ukraine, Citadele announces that the next few days will see significantly slower processing for payments to and from Russia and Belarus.

The new sanctions, which came into force on March 16th, cover extensive export and import restrictions for many product categories. This includes a ban on selling certain goods to Russia, such as clothing, accessories, and shoes (regardless of what they are made from), if they are valued over €300; electronic household goods worth more than €750; sound or image recording and playback equipment worth more than €1,000; and road, air or sea vehicles worth more than €50,000 plus their accessories and spare parts; as well as many other product categories.

“We would like to remind people that EU sanctions are binding for all private individuals and legal entities, including banks and their customers. Criminal responsibility may be applied to those who do not adhere to sanctions. Therefore, if you have any doubt, please contact the bank before making or receiving any payments to clarify your options for the transaction. Additionally, precise information about the payment purpose — the exact goods sold, or services provided — is critical, particularly in transactions with Russia and Belarus, so that the bank is able to evaluate the transaction’s compliance with current sanctions as quickly as possible. Payments to and from Russia and Belarus are already under increased scrutiny, therefore processing times for these payments are longer than before,” explains   Saiva Krastiņa, Citadele’s leading sanctions expert.

You can see the new restrictions in this EU Official Journal edition:

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