Lithuanian banks will be making more thorough checks of international payments to Belarusian companies that might fall under the EU sectoral sanctions.
The checks are needed to enforce the European Union’s targeted economic sanctions on Belarus, the Association of Lithuanian Banks (LBA) says.
Bank clients are warned that financial institutions might ask to provide additional documentation and explanations before making payments to some companies in Belarus. As a result, money transfers may take longer to complete.
“We hope our clients will be understanding and cooperate with their financial service providers and will consider their commitments and business plans related to payments to Belarusian businesses,” Eivile Cipkute, president of the LBA, said in a statement.
Credit institutions will need to expand their payment verification procedures, she said. (LRT/Business World Magazine)
