The Netherlands and France proposing EU sanctions against banks that help Russia

The Netherlands and France are pushing for sanctions from the European Union against any financial institution in the world that helps the Russian army acquire goods or technology to make weapons. The press bureau Reuters reported this based on documents they have seen.

France and the Netherlands hope that a ban like this would powerfully incentivize financial institutions in the Middle East, Turkey, or even China to refrain from making deals to deliver EU-sanctioned goods to Russia.

Ambassadors of the EU governments discussed the French-Dutch proposition on Wednesday. It is part of the 14th package of sanctions against Russia that the EU is now preparing. Before being implemented, it would need to be unanimously approved by all 27 EU governments.

Hungary, a country with close relations with Moscow, would be against the proposition. The same goes for Germany, which may not want to risk its close business relationship with China. The European Commission suggested last month that China is delivering parts to Russia that can be used to make weapons.