16:39, 2 March, 2022
YEREVAN, MARCH 2, ARMENPRESS. The European Union has disconnected Russian banks subject to sanctions from SWIFT.
Seven major lenders in the country have been targeted, including VTB, Rossiya, Otkritie, Novikombank, Promsvyazbank, Sovcombank, and VEB.RF, RT reported citing the EU’s official journal.
Russia’s largest bank, Sberbank, is not on the list for now.
The banks now have 10 days to stop their SWIFT operations. According to a senior EU official, those on the list were selected based on their connections to the Russian government.
“All these banks that we have listed under SWIFT… are all [included] based on their connection to the state and the implicit connection to the war effort. We have not gone for a blanket ban across the whole banking system,” the official said.
Neither Sberbank nor Gazprombank has so far been targeted, as they are the main channels for payments for Russian oil and gas, which have not yet faced EU penalties. The two will be subject to other sanctions, however, the official stated.
Disclaimer: This article was contributed and translated into English by Emil Karabekian. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
Direct link to this article: https://www.armenianclub.com/2022/03/03/eu-cuts-off-seven-major-russian-banks-from-swift/