The European money houses have to work their way through hundreds of pages of sanctions regulations – and must not make any mistakes in the implementation.
(Photo: dpa)
Frankfurt Actually, the sanctions imposed by the West in the Ukraine crisis are supposed to worry Russia in particular. In fact, they also create problems for European banks.
Recently, Andrea Enria, the European Central Bank’s (ECB) chief bank supervisor, made it clear that he was primarily concerned with one question: Are Europe’s banks sufficiently prepared to properly implement sanctions against Russia in practice?
That is why the European supervisors are in constant contact with the institutes. You want to make sure the control systems are up to date. Pressure is also coming from the German regulator. The Bafin expects “that the financial sanctions will be fully complied with,” she said in a statement on Friday.
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