EU ousts 7 Russian banks from SWIFT under sanctions

The EU excludes seven Russian banks from the global SWIFT network, as sanctions are ratcheted up over Moscow’s war on Ukraine.

The banks immediately cut out from the secure interbank messaging network that permits transactions are Russia’s second-biggest lender VTB Bank as well as Bank Otkritie, Novikombank, Promsvyazbank, Rossiya Bank, Sovcombank and VEB (Vnesheconombank), according to an official EU publication.

Their listing is the latest package of coordinated Western punishment of Russia for its invasion of Ukraine, now in its seventh day.

“At the speed of light, the European Union has adopted three waves of heavy sanctions against Russia’s financial system, its high-tech industries and its corrupt elite,” European Commission chief Ursula von der Leyen says in a statement.

“This is the largest sanctions package in our Union’s history. Today’s decision to disconnect key Russian banks from the SWIFT network will send yet another very clear signal to Putin and the Kremlin.”

European Commission President Ursula von der Leyen speaks during a press statement on Ukraine, at EU headquarters in Brussels, Feb 24, 2022. (Kenzo Tribouillard, Pool Photo via AP)

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