As part of the sixth package of sanctions on Russia for its aggression against Ukraine, the European Union cut off Sberbank, Russia’s largest bank, Russian Agricultural Bank, and Credit Bank of Moscow from the SWIFT international payments system on June 14th.
The EU sanctions were agreed on in late May after lengthy and heated negotiations amongst European leaders, according to BBC News Russian on Telegram. The majority of the restrictions went into effect a few days later.
Officials from the banks maintain that their performance won’t be adversely impacted by being dropped from SWIFT. The departure from SWIFT “does not change the situation” with regard to foreign payments, according to Sberbank, who said they carry on as usual.
Transactions within Russia will function, according to the Credit Bank of Moscow, who said “in normal mode”, even though international transfers could take longer. The Russian banking system has created “the necessary conditions to ensure uninterrupted autonomous operation,” according to the Russian Agricultural Bank.
The EU cut off access to SWIFT in April for Radkombank, Novikombank, VTB, and Bank Otkritie.
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