Single Euro Payments Area (SEPA) in Lithuania PART III
Restrictions against Russia regarding CENTROlink
As an response to Russia’s military operation against Ukraine, the Bank of Lithuania has initiated the disconnection of four companies which have links to Russia from its payment system CENTROlink and states that other indirect participants of the system should not execute euro payments of customers who have connections to Russia through CENTROlink. The decision is made in order to prevent any circumvention attempts. All financial market participants that are connected to CENTROlink through the Bank of Lithuania were advised to stop providing payment services via CENTROlink to
- companies that are registered in Russia,
- its citizens that are residing in Russia, and
the authorized capital and/or voting rights.
Qualified holding means more than 25% of authorized capital or voting rights in line with the definition of the beneficial ownership as prescribed in the law on the prevention of money laundering and terrorist financing of the Republic of Lithuania.
To find out more about the function of SEPA in Lithuania, please refer to our Baltic lawyers at info@gencs.eu
For questions, please, contact Valters Gencs, attorney at law at info@gencs.eu
