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The European Commission has decided to add Russia to its “grey list” of countries with a high risk of money laundering and terrorist financing, Politico reports, citing two EU officials and reviewed documents, UATV English reports.
The Financial Action Task Force (FATF) suspended Russia’s membership in the organization after the full-scale invasion of Ukraine, but failed to place Moscow on its grey list, despite evidence provided by the Ukrainian government.
The decision was blocked by BRICS countries — Brazil, India, China, and South Africa — which resisted efforts to sanction Russia.
Members of the European Parliament repeatedly urged the European Commission to take the step that FATF did not.
Politico has reviewed the Commission’s draft decision regarding Russia, which will be added as an annex to the updated grey list.
The EU already has a wide range of sanctions severely restricting Russian firms’ access to European financial services.
Listing Russia will take place amid the Commission’s attempts to overcome Belgium’s resistance to using the income from frozen Russian assets to support Ukraine.
Once added, financial institutions will be required to strengthen due diligence measures for all transactions involving Russia.
The EU typically aligns its listings with FATF decisions, but starting this year the bloc has its own Anti-Money Laundering Authority (AMLA).
AMLA will participate in compiling the grey list beginning in July 2027.
