The G7 and the EU are working on restrictions for international banks that assist Russia.

G7 countries and the EU are studying ways to increase pressure on banks from third countries that help the Russian Federation circumvent sanctions. Currently under discussion are restrictions aimed at creditors from third countries who use the Central Bank of the Russian Federation’s financial messaging system, similar to SWIFT, in order to circumvent trade restrictions. Last year, usage of the system nearly tripled compared to 2022. It is currently used by over 150 foreign banks in 20 countries, including China, Belarus, Armenia, Tajikistan, and Kazakhstan.

The G7 has long made it a priority to prevent Russia from obtaining key technologies that are used in producing weapons or ensuring their production. However, Russia has managed to circumvent many of these restrictions by importing prohibited goods through third countries such as China, Turkey, the United Arab Emirates, and Central Asian countries, often through networks of intermediaries in different jurisdictions.