WORLD

7 Russian banks banned from SWIFT

02.03.22 18:00


European Union has made official the list of Russian banks that will be expelled from SWIFT, the high-security system that allows financial transactions and underpins the global economy, Euronews reports.

 

The final list targets seven banks considered to have close links with the regime of President Vladimir Putin and are seen as complicit, either directly or indirectly, in financing the war.

 

Notably, the ban excludes two of the country's biggest institutions, Sberbank and Gazprombank.

 

The two were exempted because they handle most of the payments related to gas and oil exports, on which the EU heavily depends to produce energy. Around 40% of the gas consumed by the bloc comes from Russia.

 

It shows that while EU unity has been consistently strong throughout the crisis, it still bumps into limits when faced with the crucial question of energy supplies.

 

The expelled institutions are VTB Bank, Bank Otkritie, Novikombank, Promsvyazbank, Rossiya Bank and Sovcombank, as well as VEB, Russia's development bank.

 

The list was unanimously adopted by member states on Wednesday and will enter into force in 10 days to allow both SWIFT and EU business to adapt to the measures.

 

"Today's decision to disconnect key Russian banks from the SWIFT network will send yet another very clear signal to Putin and the Kremlin," said European Commission President Ursula von der Leyen in a statement.

 

 

source: IPN 

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