EC bans transactions with National Bank of Belarus to manage reserves, cuts off three banks from SWIFT

16:49, 09.03.2022 1 min read

The European Commission has adopted a decision to prohibit transactions with the National Bank of Belarus to manage gold and forex reserves and to disconnect three Belarusian banks from the SWIFT international financial messaging service.

"[The decision aims to] restrict the provision of specialized 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," the European Commission said in a press release following the member states' agreement on further sectoral sanctions over the situation in Ukraine and "in response to the involvement of Belarus in the aggression."