New EU Sanctions Package Targets Belarusian Banks

The European Union’s new sanctions package includes measures against Belarusian banks. The regulation introducing the EU’s 19th package of sanctions has been published in the Official Journal of the European Union.

The document expands the list of banks with which all transactions are prohibited. It applies to banks established outside Russia that use the Russian Financial Messaging System (SPFS), the Faster Payments System, or the Mir payment system.

Previously, the list already included Bank BelVEB and Belgazprombank. It has now been extended to include Belarusian Alfa-Bank, VTB Bank, and Sber Bank. The restrictions against them will take effect on December 2.

The list was expanded not only to cover Belarusian institutions but also Kazakhstan’s VTB Bank. The Shanghai branch of VTB Bank was already included in the previous version.

The regulation also broadens the prohibitions and criteria for inclusion in the list — now covering interaction with the Mir payment system and the Faster Payments System.

“As of June 25, 2024, legal entities, organizations, and bodies established in the Union and operating outside Russia are prohibited from connecting to the Financial Messaging System (SPFS) of the Central Bank of Russia or equivalent specialized financial messaging and payment services created by the Russian Central Bank. As of January 25, 2026, they are also banned from connecting to any systems of the Russian Central Bank or those provided by any other legal entity or organization established under Russian law that include financial messaging functions, including the Faster Payments System (FPS) and Mir,” the regulation now states.

A transitional period is set until April 25, 2026, for the fulfillment of contracts concluded before December 24, 2024.