SWIFT, the global financial messaging system for banks, said March 1 it’s still waiting to hear from the U.S., the EU and other countries about which Russian banks to exclude from its services. A White House official said this week the U.S. and allies were compiling a list of banks, which will likely include any Russian financial institutions subject to multilateral sanctions (see 2202280043). “Diplomatic decisions have brought SWIFT into efforts to bring this crisis to an end, and we will always comply with applicable sanctions laws,” SWIFT said in a statement. “We are engaging with these authorities to understand which entities will be subject to these new measures and will disconnect them once we receive legal instruction to do so.”
The Office of Foreign Assets Control designated four individuals March 1 as part of its counterterrorism efforts. Abdella Hussein Abadigga, Farhad Hoomer, Peter Charles Mbaga and Siraaj Miller were added to the Specially Designated Nationals list.
The EU released a fact sheet laying out restrictions against Russia that now amount to sanctions on 654 individuals and 52 entities, along with sectoral sanctions that cover Russia's financial, energy, transport and dual-use goods industries. The EU Feb. 25 suspended its visa facilitation process for Russian diplomats, officials and businesspeople, which typically grants them privileged access to the EU.
The United Kingdom maintained its barrage of restrictions imposed against Russia following its invasion of Ukraine. So far, the government has sweeping sanctions on a host of Russian individuals and entities, including the Russian Central Bank and President Vladimir Putin himself (see 2202280024). This deluge continued on Feb. 28 and March 1 with greater action to isolate Russia and freeze it out of the global economy.
Switzerland will adopt all the sanctions imposed by the EU against Russia since its invasion of Ukraine, the country announced Feb. 28. The move, a shift in Switzerland’s longstanding position of neutrality, will impose “immediate” financial sanctions against Russian President Vladimir Putin, Prime Minister Mikhail Mishustin, Foreign Minister Sergey Lavrov and other people and companies listed by the EU last week. Switzerland said it’s “responding to the serious violations of international law for which these individuals are responsible.”
South Korea, Australia and Japan have announced new sanctions measures on Russia following its assault on Ukraine. South Korea and Australia said Feb. 28 they are joining many other nations, including the U.S., the U.K. and the EU member states, by removing certain Russian banks from SWIFT, the global interbank messaging service. The South Korean government also announced a set of export controls over certain strategic goods to Russia, according to an unofficial translation, and Australia announced sanctions on the Central Bank of Russia, President Vladimir Putin and high-ranking government officials.
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.
The U.S., EU and the U.K. sanctioned Russian President Vladimir Putin and Foreign Minister Sergei Lavrov in response to Russia's assault on Ukraine. The U.S. will set new sanctions on those two and "members of the Russian National Security Team," White House Press Secretary Jen Psaki said at a press briefing Jan. 25. The decision was reached following a phone call with EU Commissioner Ursula von der Leyen. The U.K.'s Office of Financial Sanctions Implementation imposed asset freezes on the two Russian leaders, in a Feb. 25 notice; the restrictions did not include a travel ban. The U.K. began rolling out its second wave of sanctions Feb. 24, with Prime Minister Boris Johnson promising to designate more than 100 individuals and entities (see 2202240070). High Representative for Foreign Affairs Josep Borrell said at a news conference Feb. 25 that the EU would add Putin and Lavrov to its sanctions regime, adding to the bloc's earlier announcement laying out broad sectoral sanctions and restrictions on a large list of individuals and entities.
The Treasury Department's Office of Foreign Assets Control placed five additional Russian officials, 44 entities and five vessels on sanctions lists. The move follows OFAC's Directive 1A issued Feb. 22.
Canadian Prime Minister Justin Trudeau on Feb. 24 announced a second set of "severe" sanctions against Russia for its invasion of Ukraine, according to a report from CBC News. Mirroring U.S. sanctions imposed the same day, the sanctions target major Russian financial institutions and members of the country's elite, the report said. The new round of sanctions follows those issued the previous day by Canada, as well as sanctions announced by Australia and Japan on Feb. 23.