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Countries for which settlements are limited

Due to international sanctions and legal requirements the bank usually does not perform transactions with the countries listed below. Marked with an asterisk are the countries with which no transactions can be performed due to extensive international sanctions.

Afghanistan Libya *
Algeria Malaysia
Albania Malta
American Samoa Mali
United Arab Emirates Mauritania
The Bahamas Morocco
Bahrain Nigeria
Bangladesh Niger
Belarus Oman
Botswana Pakistan
Burkina Faso Palestine
North-Korea* Panama
Egypt Puerto Rico
Ethiopia Samoa
Ghana Saudi Arabia
Guam Somalia
Haiti Philippines
Indonesia Sri Lanka
Iran * Sudan
Iraq Syria
Yemen Trinidad and Tobago
Jordan Tunisia
Cambodia Turkey
Qatar UK Virgin Islands
Cuba * US Virgin Islands
Kuwait Uzbekistan
Lebanon * Uganda
Cayman Islands The Republic of South Sudan
Republic of the Congo Mozambique
* Countries for which the bank does not make any payments.

 

Information about international sanctions

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Banks are obligated to implement the international sanctions established by the European Union (EU) and the United Nations (UN). Information concerning international sanctions and a general overview of this field along with references to relevant legislation and guidelines are available here: https://vm.ee/et/rahvusvahelised-sanktsioonid and www.sanctionsmap.eu.

International sanctions must be implemented when establishing a client relationship and also during the course of the relationship. Inspections related to sanctions affect both domestic as well as foreign payments in the bank. In practice, this may mean that instant payments subject to inspection cannot be processed as an instant payment, the payment is processed slower than usual and/or further information is requested concerning the payment either by the bank or at the request of the correspondent bank or the bank of the other party to the transaction. Additional information and documents may be requested regarding the transaction in order to eliminate any suspicion concerning the violation of sanctions. Depending on the restriction, the bank could be obligated to block or reject the transaction, and the same applies to the bank of the other party to the transaction or the correspondent bank.

In addition to the sanctions established by the EU and the UN, other countries can also establish sanctions and restrictions on an individual basis. Based on the general practices of international banking, Coop Bank also applies U.S. OFAC sanctions on a risk basis. More information on these can be found here: https://home.treasury.gov/policy-issues/financial-sanctions/specially-designated-nationals-and-blocked-persons-list-sdn-human-readable-lists.

Special attention is paid to dual-use goods in relation to most sanctions. These are goods, including software and technology, which can be used for both civil and military purposes, including goods that can be used for both non-explosive uses and assisting in any way in the manufacture of nuclear weapons or other nuclear devices. Council Regulation (EC) No 428/2009 of 5 May 2009 setting up a Community regime for the control of exports, transfer, brokering and transit of dual-use items regulates the nature of dual-use goods.

Due to international sanctions and other rules applicable in banking, it is important when concluding transactions with parties in third countries (i.e. countries that do not belong to the European Union and are not member states of the European Economic Area) that the payment details of the counterparty include their address and the description of the payment correctly reflects the content of the transactions, and also for business clients to be aware of any restrictions established on the countries where they conduct their business activities in, as violating restrictions either intentionally or due to a lack of knowledge could inter alia bring about financial damage (e.g. due to delays in payments or blocking payments).

The European Union establishes sanctions with regulations that are mandatory for performance for the member states and the legal persons located in the Union and are directly applicable. Domestically, the field of sanctions is regulated in the International Sanctions Act, which provides for the bodies establishing sanctions and their nature, as well as the obligations of persons having specific obligations and the rights of subjects of financial sanctions.

Supervision over banks in the field of international sanctions is exercised by the Estonian Financial Supervision Authority.

The European Union has established several restrictions on Belarus. Further information on these is available on the website of the Ministry of Foreign Affairs: https://vm.ee/et/rahvusvahelised-sanktsioonid and www.sanctionsmap.eu

For clients in banking, these restrictions mean that banks must either freeze or reject transactions connected to subjects of financial sanctions or the sanctioned fields of activity or other restrictions. The obligation to implement the restrictions may bring about slower than usual processing of transactions connected to the respective region and the request for additional questions and documents by banks due to their increased analysis requirements or the due diligence measures applied by correspondent banks or the banks of the other party to the transaction.

The restrictions are set out in detail in Council Regulation (EU) 2022/355, which can be reviewed online at https://www.fiu.ee/rahvusvahelised-sanktsioonid/rahvusvahelised-finantssanktsioonid#muudatused-valgevene

The European Union has established several restrictions on Russia and the regions of Crimea and Sevastopol. Further information on these is available on the website of the Ministry of Foreign Affairs: https://vm.ee/et/rahvusvahelised-sanktsioonid and www.sanctionsmap.eu.

For clients in banking, these restrictions mean that banks must either freeze or reject transactions connected to subjects of financial sanctions or the sanctioned fields of activity or other restrictions. The obligation to implement the restrictions may bring about slower than usual processing of transactions connected to the respective regions and the request for additional questions and documents by banks due to their increased analysis requirements or the due diligence measures applied by correspondent banks or the banks of the other party to the transaction.