Bank of Portugal instructs lenders to freeze accounts of sanctioned entities and people

On Monday, the central bank of Portugal said, it has instructed lenders to freeze the accounts of entities and people who have been targeted by sanctions.

Western countries have moved to isolate Russia and have targeted it’s economy and financial system following its invasion of Ukraine, which it has termed as a special operations to cleanse Ukraine of Neo Nazi influences.

The Bank of Portugal, led by former Finance Minister Mario Centeno, said it had initially identified a “very small number” of sanctioned people and entities with Portuguese bank accounts but said assessment efforts were ongoing.

The central bank did not provide any details on the number of people and entities it had identified saying it was in permanent contact with the government.

It has instructed lenders to freeze bank accounts held by those who have been sanctioned as on February 25; it has also instructed banks to monitor the list of sanctioned people and entities so that quick action can be taken if new names are added to the list.

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