21st Russia Sanctions Package: Bank Transaction Bans Take Effect

Transaction bans under the EU's 21st Russia sanctions package (adopted by the Council July 23) took effect against 33 Russian credit and financial institutions — large and regional banks, banks facilitating cross-border payments, banks operating in occupied Ukrainian territory, and banks serving Russian military personnel — plus a Kyrgyz bank, six banks in Mongolia, India and Nigeria, and five UAE-based oil traders (Vistula Delta Global, Estrella Integrated, Linglong Trading Group, Arcadia International, Nexus Oil Trading) designated for sanctions-circumvention. The package — the largest single round of EU listings since the 2022 invasion, with 218 new designations — also targets Russia's shadow fleet, gold trade and crypto-asset circumvention; further crypto-service-provider bans follow August 23 and 25.