Russia's invasion of Ukraine
European banking sector’s response to the war in Ukraine
The European Banking Federation (EBF), the voice of the European banking sector, is closely monitoring and working to address regulatory and financial topics related to the ongoing war in Ukraine.
The Swedish Bankers' Association
The Swedish Bankers' Association has produced information on what you need to know to become a customer of a Swedish bank. In order to become a customer of a Swedish bank, you have to be able to identify yourself and answer questions about why you need a bank account. In this fact sheet, you will find information on the information the bank requires from you when you visit a bank branch. The fact sheet has been translated into 21 languages, including Ukrainian.
Swedish Government
Comprehensive information from the Swedish government on work in relation to the ongoing security policy developments in Ukraine.
Link: Russia’s invasion of Ukraine – Swedish Government
Swedish Ministry for Foreign Affairs
In Sweden, it is the Ministry for Foreign Affairs that coordinates sanctions policy.
The Ministry’s website contains details of all the financial sanctions that have been issued and information about the persons, groups and entities targeted by the sanctions. This page presents some examples of EU sanctions. The information on the Ministry’s website is updated regularly and the Ministry urges all those who want to check the current rules to contact the responsible regional unit at the Ministry.
Their website provides more information about the division of responsibilities between the authorities and about the EU’s sanctions regulations.
Link: International sanctions (Ministry for Foreign Affairs)
Swedish Financial Supervisory Authority
The Swedish Financial Supervisory Authority is tasked with receiving information about frozen assets from natural and legal persons and forwarding this information to the European Commission. The Swedish Financial Supervisory Authority can also grant exemptions from asset freezing in certain situations.
Read more about the duties of the Swedish Financial Supervisory Authority on their website.
Swift
Swift has compiled the answers to the most frequently asked questions about the sanctions. Link to FAQ
Information about the EU’s decision to exclude Russian banks from SWIFT: Ukraine: EU agrees to exclude key Russian banks from SWIFT
Link to information on SWIFT’s website regarding Russia’s invasion of Ukraine
Questions from the media are referred to: pressoffice@swift.com
European Union (EU)
EU support to Ukraine: practical information
The EU has imposed new and extended sanctions in response to Russia’s invasion of Ukraine. Sanctions issued by the EU through Regulations are directly applicable in Sweden.
Both financial institutions and a significant number of companies and operators outside the financial sector are obliged to comply with the sanctions issued by the EU Council of Ministers, which target persons and entities suspected of involvement in terrorist acts or association with terrorists and persons linked to certain regimes outside the EU.
Up-to-date information about current sanctions is published in the Official Journal of the European Union.
Link: Official Journal of the European Union (Eur-Lex)
The European Commission’s website provides guidance, links to sanctions lists and more: Restrictive measures (sanctions) European Commission
EU authorities – EBA and EIOPA
Financial institutions can now submit queries to the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) on how to apply the sanctions rules in relation to the situation in Ukraine.
The email address of the EBA’s mailbox for this issue is included in the statement published by the EBA in response to the situation in Ukraine. This also states that the EBA is collecting queries for the European Commission, which will then answer them.
EBA statement containing the email address for queries:
Email address of EIOPA’s mailbox for this issue: Sanctions-QandA@eiopa.europa.eu