Germany announced a "complete blockade" of Russian banks and the termination of business with Russia

“We already have a full-fledged blockade of Russian banks. Thus, business relations with Russia are practically over. In some cases, transactions are possible. For example, to pay for gas supplies. For example, so that German firms can make transfers to their Russian subsidiaries. New measures are possible, but their impact needs to be considered - we are talking about the Russian economy bearing the consequences”, - Linder said (quoted by RIA Novosti).

According to Interfax, citing Handelsblatt, Germany is suspending insurance coverage for foreign trade transactions with Russia, which was provided by the export credit agency Euler Hermes.

"Approval of Hermes guarantees and investment guarantees for Russia is suspended until further notice", - a ministry source said.

New economic sanctions have been introduced against the largest Russian banks, including Sberbank, VTB, Sovcombank, Promsvyazbank. In addition, restrictive measures have been introduced against many Russian companies, state corporations, officials and public figures for supporting the recognition of the independence of the self-proclaimed DPR and LPR, as well as Russia's special operation in Ukraine.