The EU proposed introducing sanctions against the Russian analogue of SWIFT

The European Union, as part of the 14th package of sanctions against Russia due to military actions in Ukraine, may introduce restrictions against the Financial Message Transmission System (SPFS) of the Central Bank, BLOOMBERG reports , citing sources.

SPFS was created in 2014 to reduce external risks and ensure uninterrupted financial messaging services. The system has the ability to send messages in SWIFT, iso 20022 and client’s own formats. As of January 2024, 557 banks and companies from 20 countries were connected to the SPFS.

In addition to SPFS, measures discussed in the EU include introducing a ban on the import of Russian helium, tightening restrictions on the EXPORT of manganese ore and rare earth elements, the agency writes. Brussels is considering the possibility of blocking access to its ports to 11 ships that it suspects of “assisting Russia’s military efforts.”

The EU also wants to ban transport companies, at least 25% of which are owned by Russian capital, from operating in the bloc. The new sanctions list may include dozens of individuals and legal entities, and more than a dozen companies from CHINA , the United Arab Emirates and Turkey, which can help Moscow circumvent sanctions, may be subject to export restrictions. Also, Bloomberg writes, the EU is considering expanding measures against Belarus.

The Swedish Foreign Ministry previously reported that the 14th package will affect supplies of Russian liquefied natural gas. According to Bloomberg, the bloc wants to ban the re-export of Russian fuel through its ports to third countries.

As part of a new package of sanctions, the EU intends to prohibit political parties, think tanks and other groups from accepting funding from Russia, the agency writes. They also plan to ban the broadcasting of four media outlets on the territory of the union. Vice-President of the European Commission Vera Zhurova previously said that these would be RIA Novosti, Izvestia, Rossiyskaya Gazeta and the Voice of Europe platform, which is associated with Viktor Medvedchuk.

The latest proposal comes amid growing concerns in the EU over “disinformation spread by Moscow” about the European Parliament elections in June, Bloomberg writes. In March, authorities in Belgium and the Czech Republic said they had discovered a “Russian network” whose members, led by Medvedchuk, tried to influence European lawmakers ahead of elections and paid them to promote a pro-Russian agenda. The Belgian prosecutor's office began an investigation, and Paris, Brussels and Prague proposed the EU to create a special sanctions regime.

The Russian Foreign Ministry rejected accusations of interference in the European elections and promised that Moscow would respond to the expansion of restrictions. The department also stated that Russia coped with sanctions pressure, and the European Union was unable to overcome the consequences of the measures it introduced. Russian authorities consider the sanctions illegal.