Ukraine War: EU Expels Leading Russian Bank From Swift

As part of the sixth package of sanctions against Moscow, the EU has decided to exempt the main Russian bank, Sberbank from the international financial system Swift.

Ukraine War: EU Expels Leading Russian Bank From Swift

As part of the sixth package of sanctions against Moscow, the EU has decided to exempt the main Russian bank, Sberbank from the international financial system Swift. This was announced Monday evening by European leaders at a summit in Brussels. Charles Michel, Chairman of the Council, stated that this sanctions package included hard-hitting measures like Swift's withdrawal form Russia's largest bank Sberbank.

Seven Russian institutions have been denied access to Swift, a secure messaging platform that allows for crucial operations like funds transfers between banks.

Sberbank stated Tuesday that the exclusion of the bank from the Swift international financial network will have limited impact as the group was already subject to other sanctions following the Russian invasion of Ukraine. The public bank was previously targeted by severe American and British sanctions.

She points out that Swift's exclusion doesn't change the international settlements situation. "Internal Russian operations are not dependent on Swift and will continue to be performed by the bank as normal.

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