The European Union is contemplating a significant move to intensify financial scrutiny by potentially placing Russia on its "grey list" of nations with inadequate anti-money laundering regulations. This consideration comes as part of Brussels' broader strategy to exert financial pressure on Moscow following the invasion of Ukraine. While the decision has yet to be finalized, there is notable support within the European Parliament for this measure, which would require banks and other financial institutions to conduct additional checks on transactions involving Russian entities.

European lawmakers are also focused on aligning their grey list with that of the Financial Action Task Force (FATF), an international organization dedicated to combating money laundering and terrorist financing. A preliminary version of the EU's updated list reportedly mirrors FATF's recommendations, proposing additions such as Algeria, Angola, Kenya, Ivory Coast, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela, while removing Barbados, Gibraltar, Jamaica, Panama, Senegal, Uganda, and the United Arab Emirates. However, despite FATF suspending Russia's membership after the Ukraine conflict, incorporating it into the grey list faces potential hurdles due to opposition from certain member states.

Advocates for expanding the grey list beyond FATF's recommendations argue that merely adopting the global body’s list is insufficient. They emphasize the importance of evaluating not just legal frameworks but also their practical implementation. Such a stance could gain traction if Russia's inclusion helps secure parliamentary approval, given the current dynamics where MEPs can only accept or reject the entire list. Meanwhile, trade negotiations between the EU and the UAE highlight the complexities of balancing economic interests with financial integrity standards. As Spain navigates its own diplomatic challenges concerning Gibraltar, the grey list remains a pivotal tool influencing both regional and international relations, promoting accountability and transparency in global finance.