Recital 16

(16) The Central Bank of Russia has developed the ‘System for Transfer of Financial Messages’ (SPFS), a specialised financial messaging service to exchange financial data, which is aimed at neutralising the impact of the measures established in Regulation (EU) No 833/2014, in particular concerning the banking and financial sector. With a view to containing the development of the SPFS, reducing Russia’s capacity to wage war and preventing the frustration of the measures established in Regulation (EU) No 833/2014, Decision (CSFP) 2024/1744 prohibits Union entities which operate outside of Russia from directly connecting to the SPFS or equivalent specialised financial messaging services set up by the Central Bank of Russia, and adds a transaction ban on Union operators with specifically listed entities using that system outside Russia. Those measures do not concern entities established and operating in Russia, including subsidiaries of Union entities. Decision (CSFP) 2024/1744 does not prohibit Union entities from dealing with Russian entities which use the SPFS, provided that those Union entities do not connect to the SPFS themselves. In addition, in order to avoid unintended consequences on the financing of, and payment for, legitimate business transactions and transactions for other justified purposes, Decision (CSFP) 2024/1744 also sets out targeted exceptions allowing Union entities to connect to the SPFS.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-17 · Text as adopted (Official Journal); later amendments are not incorporated in this text.