The EU Increases Pressure on the Lukashenka Regime: Three Banks with Russian Capital from Belarus Fall Under EU Sanctions

Photo: OL

On October 23, 2025, the European Union approved a new package of sanctions aimed at the financial system serving the Lukashenka regime. The new 19th EU sanctions package against Russia includes three major Belarusian banks with Russian capital: Alfa-Bank, VTB Bank, and Sber Bank.

Earlier, in a letter dated June 6, 2025, to the European External Action Service, we substantiated and requested the imposition of blocking sanctions against banks with Russian capital operating in Belarus that possess financial infrastructure for sanctions evasion. We also submitted an analytical memorandum titled "Opportunities to Reduce the Effectiveness of Russia’s War Economy through Sanctions on the Financial Sector of Belarus", which provided justification for such measures. On October 11, 2024, we sent a separate letter with similar reasoning to the Directorate-General for Financial Stability, Financial Services, and Capital Markets Union of the European Commission.

In our communications, we warned our European partners that Belarusian banks are connected to the Financial Messaging System of the Bank of Russia (SPFS), which allows them to circumvent existing restrictions, including those imposed on the Russian banking system.

Now, our proposals have been heard. According to the decision published in the Official Journal of the European Union, starting December 2, 2025, a ban will come into force on all financial and business transactions with Alfa-Bank, Sberbank, and VTB Bank.

These banks have been added to Annex XLIV of EU Regulation No. 833/2014, as they utilize Russian financial systems — SPFS, Mir, and the Fast Payments System. Previously, BelVEB Bank and Belgazprombank had already been included in this restrictive list.

This means that all natural and legal persons within the European Union will be prohibited from conducting transactions through these banks, opening accounts, or making payments. The EU’s decision is aimed at preventing sanctions evasion through Belarus and at blocking financial channels that support aggression against Ukraine. For existing contracts, a transition period until April 25, 2026, has been established.

As noted by Deputy Head of the United Transitional Cabinet and Head of NAM, Pavel Latushka:

"These sanctions are not just a financial restriction. They are a direct reaction from Europe to the fact that the Lukashenka regime continues to serve the military and economic interests of the Kremlin, helping Russia circumvent international restrictions and supporting its aggression against Ukraine.

The EU has also confirmed that the measures do not affect humanitarian supplies — food, medicines, or medical products. This means that the pressure is directed against the illegitimate authorities, not against the people.

Belarus and Belarusians are not the same as the regime. The international community sees the difference between those who fight for freedom and those who help the aggressor. These sanctions are a signal that dictatorship will not go unpunished".

Additionally, the 19th EU sanctions package against Russia introduced other amendments to the EU sanctions decision and regulation concerning Belarus. Under the new measures, the following entities and individuals have also been sanctioned:

• Horizon Holding,

• Scientific Research Unitary Enterprise “Institute of Digital Television Horizon”,

• CJSC Holographic Industry,

• Ilya Ikan, Chairman of the Belneftekhim concern,

• Yury Predko, General Director of OJSC Managing Company of the Horizon Holding.

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