EU Foreign Ministers agree to target Russian financial institutions, individuals

Brussels [Belgium], February 28 (ANI/Sputnik): EU Foreign Ministers have agreed to disconnect some Russian banks from the SWIFT system and to subject more Russian individuals and entities to sanctions, EU foreign policy chief Josep Borrell told reporters after a virtual EU Foreign Affairs Council meeting late on Sunday.
More Russian entities and individuals, including "oligarchs and businessmen... and political figures that hold a key role," as well as military figures, will be subject to restrictive measures, Borrell said, specifying that the "full list" will be finalized on Monday.
According to the EU foreign policy chief, Russia is being further isolated from the global financial system over its special military operation in Ukraine.
"We are excluding a certain number of Russian banks from SWIFT," Borrell said, without naming the financial institutions.
He added that the new restrictions will include measures that will "paralyze the assets of the Russian Central Bank." "About a half of the financial reserves of the Russian Central Bank will be frozen thanks to this measure," Borrell said, explaining that more than half of the reserves are held in banks of the G7 countries.
The restrictive procedures agreed by the EU foreign ministers on Sunday and a legal act implementing them should be in place "before tomorrow when the central banks restart working," Borrell said. (ANI/Sputnik)