EU Updates SWIFT FAQs
The European Commission recently updated its frequently asked questions page on specialized financial messaging services and how they intersect with sanctions. The commission updated the answer to the first FAQ -- "What are the banks subject to the prohibition to provide specialized financial messaging services?" -- and amended the answer to the second FAQ, which deals with Russian banks using "other means of communication" to "compensate" for restrictions placed on their ability to use financial messaging services, such as SWIFT.
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The commission also updated the following two FAQs: "Does the prohibition to provide specialised financial messaging services to certain Russian banks also extend to subsidiaries and branches of those banks located outside Russia?" and "Are margin calls exempted from the prohibition to provide specialised financial messaging services?"
The commission also made small changes to its oil price cap FAQs, concerning the questions: "When does the price cap start applying? When does it stop applying?"