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In response to the situation in Ukraine, the EU, UK and US have introduced sanctions against Russia and Belarus, as well as certain other areas that are not under the control of the Ukrainian government.
The sanctions are targeted at banks, legal entities and private individuals, as well as at specific goods and sectors.
Belfius is keeping a close eye on current measures and sanctions.
We would like to draw your attention to the following points:
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Publications
Payments to and from Russia, Belarus and Ukraine
All payments in Russian Roubles (RUB) and Belarusian Roubles (BYN) are forbidden, regardless of the country they originate from or the destination of the funds.
On Tuesday afternoon, 1 March, the EU ambassadors decided to instruct the SWIFT international payment system to remove seven Russian banks from the system. These banks include VTB, VEB, Bank Rossiva, Sovcombank, Bank Otkritie, Novikombank and Promsvyazbank. Payments to and from these banks will no longer be possible in any currency. Sberbank and Gazprombank, both major banks in Russia, are not included in the SWIFT ban.
From 20 March, a number of Belarusian banks has been added to the list. These are Belagroprombank, Bank Dabrabyt and the Development Bank of the Republic of Belarus.
As from 14 June, the list has been extended to 3 Russian banks and one Belarusian bank, namely: Sberbank, Credit Bank of Moscow, Russian Agricultural Bank, Belarusian Bank For Development And Reconstruction.
All transactions with these countries are being closely examined: transactions that contravene the sanctions in force will not be carried out.
Please remember that the situation may change at any time as the result of new sanctions.
International trade transactions
Any international trade transaction (including documentary credits and collections, discount rates, international guarantees) connected directly or indirectly with any of these countries will be verified in advance by Belfius Bank. Transactions that contravene the sanctions will be refused.
Please also remember that FOREX-transactions (spot, forward, etc.) in RUB and BYN are now forbidden.
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Cybersecurity
In this specific context, we recommend that you check your cyber-defences are up to date so that you are prepared to counter a possible cyber-attack against your company or organisation.
We advise you to:
- draw up an emergency plan,
- update your IT systems,
- ensure that you have an effective and secure backup system.
The Centre for Cybersecurity Belgium has published a guide to help you to implement these measures and also provides tips on how to quickly increase your organisation's cyber resilience.
Please do not hesitate to seek assistance from an external partner specialising in these matters. Belfius is also able to support you through our BE-secure solution, in conjunction with partners specialising in this field.
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