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European Council Decision 2022/399 - Economic sanctions package covering Belarus

In regards of the latest announcement in regards to the COUNCIL DECISION (CFSP) 2022/399 published in the official journal of the European Union on the 9th of March: The European Council is strongly condemning the involvement of Belarus in the aggression against Ukraine and called on it to refrain from such action and to abide by its international obligations. Thus for this reason the council has called for the urgent preparation and adoption of a further individual and economic sanctions package also covering Belarus. Introducing additional restrictive measures related to the financial sector of Belarus. It shall be prohibited as of 20 March 2022 to provide specialised financial messaging services in simple terms SWIFT, which are used to exchange financial data, to the legal persons, entities or bodies listed below or to any legal person, entity or body established in Belarus whose proprietary rights are directly or indirectly owned for more than 50 % by an entity listed below:


The Institutions targeted are:

  1. Belagroprombank

  2. Bank Dabrabyt

  3. Development Bank of the Republic of Belarus


The following measures are also mentioned:

  1. It shall be prohibited to accept any deposits from Belarusian nationals or natural persons residing in Belarus, or legal persons, entities or bodies established in Belarus, if the total value of deposits of the natural or legal person, entity or body per credit institution exceeds EUR 100 000. This law shall not apply to nationals of a EU Member State, of a country member of the European Economic Area or of Switzerland, or to natural persons having a temporary or permanent residence permit in a Member State, in a country member of the European Economic Area or in Switzerland.

  2. It shall be prohibited to sell, supply, transfer or export euro denominated banknotes to Belarus or to any natural or legal person, entity or body in Belarus, including the government and the Central Bank of Belarus, or for use in Belarus. The prohibition mentioned shall not apply to the sale, supply, transfer or export of euro denominated banknotes provided that such sale, supply, transfer or export is necessary for:

  • (a) the personal use of natural persons travelling to Belarus or members of their immediate families travelling with them: or

  • (b) the official purposes of diplomatic missions, consular posts or international organisations in Belarus enjoying immunities in accordance with international law.

If you have questions or need further advice please do not hesitate to contact us to discuss how we can help you.

European Council Decision 2022/346 -restrictive measures in view of Russia’s actions
 

Written by Angeliki Georgiou, Legal Consultant of Financial Associates International -

FAI Comply