Due to the imposed sanctions, business with Russia and Belarus is now and for the foreseeable future virtually impossible. In those isolated cases where payments are still possible, both companies and banks must carry out thorough additional checks. The sanctions experts at bank Citadele have compiled a summary of five rounds of sanctions to help entrepreneurs navigate the new geopolitical situation shaped by sanctions.

Effective European Union sanctions are critical to restoring peace in Ukraine. Furthermore, given that violating sanctions is a serious crime for which both entrepreneurs and banks are held accountable, Citadele has introduced additional measures to mitigate the risks of sanctions violations. Among these, as of 4 April, the bank has suspended payments for legal entities to and from Russia and Belarus, with the exception of specific cases where the execution of such payments has been pre-authorised by the bank on an individual basis. (...)
Photograph by Pierre Pellegrini used