October 4, 2022

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Impact of sanctions: KLM cancels flights, but also many questions from companies

Impact of sanctions: KLM cancels flights, but also many questions from companies

Not only in aviation companies notice the consequences Penalties. Banks are also affected. Financial sanctions were announced, aimed at isolating Russian banks from the capital markets, and the provision of trading services in shares of Russian state-owned companies was prohibited on the periphery of the European Union. “For banks, this means: knowing exactly when there is a question regarding services,” said a spokesperson for the Dutch Banking Association (NVB).

The trade association says banks will also have to deal with the export ban. “You are also not allowed to help buy and sell these types of goods, so banks need to ensure that such transactions do not go through their bank accounts.”

According to the NVB, it is important for banks to clarify which products are subject to the sanctions ban. “We need the government for that.”

Sanctions support

The Netherlands Enterprise Agency is currently working on determining the impact of sanctions and supplementing the website on applicable sanctions. From Monday morning, business people can ask questions there, says the spokesperson.

VNO-NCW has held meetings with members in recent days. Now that the sanctions have been announced, there is a new hearing on Monday.

President Ingrid Tejsen told NOS yesterday that there is a lot of support from the business community for the sanctions. “We must not forget: Mr. Putin started this war. It is on the borders of Europe, and we really have to stop it.”