The Group of Seven (G-7) nations and the European Union (EU) are considering new measures to tighten sanctions against banks aiding Russia in evading sanctions related to the Ukraine war. The focus is on targeting third-country banks using the Russian Central Bank's financial transfer system, known as SPFS, which is an analogue to the SWIFT system. The use of SPFS has tripled over the last year and is currently utilized by 150 foreign banks in 20 countries, including China, Belarus, Armenia, Tajikistan, and Kazakhstan. The G-7 leaders are expected to discuss these measures at their upcoming summit in Italy. The discussions will also consider the proposals outlined in the 'Action Plan 3.0 Strengthening Sanctions Against the Russian Federation' as detailed in Working Group Paper #19.
West eyeing ‘Russian SWIFT’ as sanctions target – Bloomberg New restrictions could be applied to financial institutions that use the Bank of Russia’s financial messaging system https://t.co/EH05okdKRB https://t.co/ZqCIn3MmVh
G7 wants to "tighten the screws" on banks that help Russia circumvent sanctions - Bloomberg The G7 is exploring measures to target third-country lenders that use the Bank of Russia's SWIFT-like financial communications system to circumvent trade restrictions. The discussions… https://t.co/3syDhiRjAy
🐌 G7 wants to jointly put pressure on banks that help Russia evade sanctions – Bloomberg https://t.co/NNdyZJAlGK
🚫👀 "The G7 countries will jointly put pressure on the banks of third countries that help Russia to circumvent sanctions", — Bloomberg.
G-7 to Target Banks Helping Russia Evade Ukraine War Sanctions Some allies discussing ways to target ‘Russian SWIFT’ Leaders meeting in Italy at G-7 summit to consider new steps - Bloomberg https://t.co/OpWX5eUHX9
⚡️ G7, EU want to target banks helping Russia evade sanctions, Bloomberg reports. The EU and Group of Seven (G7) nations are considering measures targeting third-party lenders helping Russia evade sanctions, Bloomberg reported on June 1, citing sources. https://t.co/CpM6WMYPJk
Bloomberg: G7 and EU are discussing sanctions against banks using SPFS of the Central Bank of Russia The Russian equivalent of SWIFT allegedly helps Russia circumvent sanctions. Soon they will sanction the vast majority of the world 😂🤦♀️ https://t.co/wgaAlUXsCr
Group of Seven nations and the European Union are studying ways to tighten the screws on banks that help Moscow evade sanctions. Under consideration are measures that would target third-country lenders using the Bank of Russia’s SWIFT like financial messaging system to… https://t.co/4d96a5cEQ5
The G7 countries and the EU are preparing sanctions against third-country banks that use Russian Central Bank's financial transfer system, the analogue of the SWIFT system, the Bloomberg news agency reports. According to its sources, some of these banks have received… https://t.co/It4VTx9ATi
Group of Seven nations and the European Union are studying ways to tighten the screws on banks that help Moscow evade sanctions https://t.co/wOZgewHJMh via @bpolitics @AlbertoNardelli @alexwickham @v_dendrinou
G7 to target third country banks helping Russia evade sanctions, with @alexwickham, @v_dendrinou and @JenniferJJacobs https://t.co/Ke0ACCP0WI
G-7 to target banks helping Russia evade Ukraine war sanctions Some allies discussing ways to target the ‘Russian SWIFT’ Scoop with @AlbertoNardelli @v_dendrinou >> https://t.co/D7DXKKyv0L
Group of Seven nations and the European Union are studying ways to tighten the screws on banks that help Moscow evade sanctions https://t.co/Tc4YyQ6ZSw
G-7 is going to target banks helping Russia evade war sanctions...use of the new SPFS system (like SWIFT) has tripled over the last year. It is used by 150 foreign banks in 20 countries including China, Belarus, Armenia, Tajikstan, and Kazakhstan #bitcoin @Bitcoin
When the G-7 meets in Italy next month, I hope they will adopt our ideas in our Action Plan 3.0 Strengthening Sanctions Against the Russian Federation Working Group Paper #19 https://t.co/42dMcUHtmx
To restrain Putin in Ukraine, tighten sanctions, @econ_harris and @davidmwessel write. https://t.co/BgGDS3X7Gf