The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
Russia’s largest bank, Sberbank, was designated by the European Union in its seventh package of sanctions against Russian persons and entities. Issued on 21 July 2022, EU Council Implementing Regulation 2022/1270 added 48 persons and 9 entities, including Sberbank, to those listed in EU Regulation 269/2014 who are subject to restrictive measures.
Previously sanctioned by the US and UK in April 2022, Sberbank was disconnected from SWIFT in June 2022.
As a result of its EU designation, Sberbank’s EU assets are frozen and it is prohibited from transactions with the exception of financial operations for the purchase, import, or transport of specified agricultural and food products. Transactions for the wind-down of the bank’s European presence will reportedly be permitted to continue for six months.
