The European Union, in its 21st anti-Russian sanctions package, has blacklisted the Indian branches of VTB and Sberbank, along with Indian companies Falcon Toolings and Zepto Microwave and Chip Devices Assembly. Restrictions on the banks are set to take effect on August 13, 2026.
The EU unveiled its largest sanctions package in four years against Russia, leading FIDE President Arkady Dvorkovich to suspend his activity. The measures target 218 individuals and entities, including banks, vessels, and military-industrial complex, while Ukraine faces ongoing attacks.
The average maximal interest rate on ruble deposits with ten major Russian banks fell to 12.86% per annum in the second ten-day period of June 2026, down from 12.97% in late May and early June, according to the Central Bank of Russia.
The Kremlin stated that sanctions do not prevent Russian banks from making significant profits and maintaining stability. Dmitry Peskov emphasized the banking sector's stability and full control, despite some investment caution. The EU is considering new sanctions, including restrictions on 31 additional Russian banks.
Russian presidential spokesman Dmitry Peskov stated that sanctions do not hinder Russian banks from maintaining stability, generating profits, and expanding. He noted that the banking sector is under control, with the financial megaregulator closely monitoring the situation.
In addition, the EU is targeting four financial institutions in third-countries with a transaction ban
The EU has adopted its 20th sanctions package against Russia, banning 20 additional Russian banks from SWIFT and euro transactions, bringing the total to 70 sanctioned lenders. The package also targets four banks from Kyrgyzstan, Laos and Azerbaijan to crack down on sanction-busting and payments for Russian energy. EU businesses are banned from dealing with Russian crypto companies, and Kyrgyzstan faces export restrictions on metal-working machines and radio equipment for the first time using the anti-circumvention tool.
