The European Central Bank's (ECB) supervisors have directed some EU banks to scrutinize all transactions involving Russian and Belarusian clients, including EU nationals, in order to prevent sanctions evasion.
The ECB is said to have instructed select banks to keep a careful check on Russian and Belarussian clientele domiciled in the EU, as Russia's elite faces severe sanctions.
Reuters writes that tens of thousands of Russians and Belarusians living in the EU would now face extra scrutiny as banks monitor significant transfers, deposits, and credit applications.
Russian nationals are subject to limitations in the EU under current EU sanctions, including a deposit barrier of €100,000 in the union.
The ECB's representative said the regulator was determining whether banks falling under its jurisdiction "have in place the necessary arrangements to adhere to the sanctions" imposed by the EU. The ECB spokesman, however, stated that the bank had not offered any guidance beyond EU standards.
According to Reuters, “the measures were focused on those of Russian nationality, whether they were residents or non-residents, and later it was extended to Belarusians.”
According to reports, one Spanish bank has placed 8,000 Russian clients under surveillance who are not sanctioned by the EU and who reside in Spain.
By fLEXI tEAM