FAQs on Provision of Payments Services Concerning Sanctions Against Russia and Belarus

The European Commission issued Frequently Asked Questions clarifying how payment service providers must comply with EU sanctions targeting Russia and Belarus. The FAQs address common scenarios including transaction screening, correspondent banking, and handling of payments involving sanctioned entities.\n\nPayment service providers including banks, fintech firms, and money transfer operators should carefully review these FAQs to ensure their compliance programs align with current EC interpretive guidance. The FAQs aim to reduce ambiguity around existing sanctions obligations rather than create new requirements, but non-compliance may result in enforcement action by national competent authorities.