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The Belgian financial sector strongly condemns all Russian military actions currently taking place in the territory of the sovereign state of Ukraine and empathises with the people of this country who have to suffer the horrors of this war on a daily basis.

This conflict will have serious consequences for economic and financial relations with Russia, among other things owing to the many international sanctions imposed. The European Union and various other international organisations have decided to block multiple financial channels and to freeze assets belonging to certain individuals, organisations and institutions. Seven Russian banks will therefore be excluded from the SWIFT financial messaging service as of 12 March 2022. This means that no further financial transactions will be possible between these Russian banks and the EU.

The Belgian banks are, of course, applying all the sanctions decided upon by the competent international bodies and will do so further in the future.

In addition, the banks continue to play their social role to the full: many customers have questions about the consequences of a war in Europe and what international sanctions may mean in practical terms. The banks are ready to answer as many questions as possible from their customers (private individuals and companies) and to support them.

The banks are also closely monitoring the cybersecurity situation and are adapting the security systems where necessary. Protection against computer attacks is an important and permanent priority for the Belgian banks. They do their utmost to ensure the security of personal data and financial assets and the continuity of service provision.

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