“The European Union has sanctioned the Lao-based Joint Development Bank (JDB), marking the first time the bloc has targeted a Lao financial institution as part of its measures against Russia.”
“The EU listed JDB alongside Keremet Bank and Capital Bank from Kyrgyzstan, and Yelo Bank from Azerbaijan. According to the EU, the banks connected to Russia’s financial messaging network and undermined sanctions enforcement.”
“Under the sanctions, EU institutions cannot transact with the banks, must freeze any funds held within EU jurisdiction, and cannot make funds available to them.”
“[JDB account holders] can no longer use funds held at the bank as financial proof for EU visa applications, receive transfers from EU-based banks, exchange currency with EU financial institutions, or conduct transactions with businesses and individuals in EU member states.”
“The wider package also banned dealings with 20 additional Russian banks, raising the total number under restrictions to 70, and introduced a full sectoral ban on Russian crypto asset providers.”
“For the first time, the EU also activated its anti-circumvention mechanism against Kyrgyzstan over the re-export of EU-origin equipment used in Russian drone and missile production.”
https://laotiantimes.com/2026/05/24/european-union-sanctions-lao-bank-jdb-over-alleged-russia-ties/