The European Union removes Russia’s largest bank Sberbank, the Russian Agricultural Bank and the Credit Bank of Moscow from the SWIFT international payments system as part of another round of economic sanctions on Russia over its invasion of Ukraine.
The European Union (EU) is a political and economic union of 27 member states that are located primarily in Europe.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT), legally S.W.I.F.T. SC, is a Belgian cooperative society providing services related to the execution of financial transactions and payments between banks worldwide. Its principal function is to serve as the main messaging network through which international payments are initiated. Economic sanctions are commercial and financial penalties applied by one or more countries against a targeted self-governing state, group, or individual.
On 14th June, Tuesday, the European Union (EU) finally cuts off Russia’s largest bank Sberbank, Russian Agricultural Bank, and Credit Bank of Moscow from SWIFT international payments system as part of the 6th package of sanctions against Russia over its aggression against Ukraine.
Sberbank bank officials continue to operate as usual and according to them, removal from SWIFT does not change the situation and it will not significantly affect their performance. The Credit Bank of Moscow ensured that transactions within Russia will work as usual, while international transfers may take a longer time. Russian Agricultural Bank took necessary steps and ensured uninterrupted autonomous operation.