BoP – not many targets to sanction in Portugal
The Bank of Portugal says that it has only identified a “very reduced number” of people and entities which have bank accounts in Portugal which have been sanctioned over the war in Ukraine.
In statements to the online news source ECO the BoP that it was taking the necessary steps to gauge the exposure of Portugal’s financial system to the fallout from the invasion of Ukraine and to the Russian oligarchs that have been sanctioned.
“The BoP has taken the necessary steps to measure the Portuguese financial system’s exposure to people and entities that have already been sanctioned because of the situation in Ukraine.
“Following a preliminary evaluation, a very small number were identified, and the potential affected in the sanctions referred are also under evaluation that could be related to accounts based in Portugal”, said the central bank led by Mário Centeno.
The Portuguese central bank also states that on 25 February, (one day after war broke out), it handed out instructions to the sector which “gauges the mechanisms necessary to ensure the scrupulous compliance of restrictive measures applied or to be applied by the European Union given the current international situation and which ensures they will be adopted”.
On 3 March, the Governor of the Bank of Portugal, Mário Centeno received the Ukrainian ambassador to Portugal, Inna Ohnivets (pictured), and the two discussed the consequences of military action taken by Russia in Ukraine, particularly the applications of economic sanctions approved by international institutions.