EU imposes sanctions on 22 Russian banks

The European Union has imposed sanctions on 22 Russian banks, finance.mail.ru reported. The new measures restrict these banks’ access to the SWIFT international payment system and freeze their assets in EU member states. The sanctions were introduced as part of the EU’s 14th major sanctions package.

They are a response to Russia’s actions in Ukraine. The list includes Russia’s major commercial and state-owned banks. The sanctions are expected to significantly affect international trade and financial operations. According to the EU, the goal is to limit Russia’s ability to finance its military expenditures.