Sanctioned Russian banks to be cut from SWIFT on March 12

Sanctioned Russian banks to be cut from SWIFT on March 12

The European Union has disconnected from the SWIFT interbank payment system seven Russian banks, including VTB, Rossiya, Otkritie, Novikombank, Promsvyazbank, Sovcombank and VEB.RF.

Relevant regulations were posted in the EU Official Journal.

"It shall be prohibited as of 12 March 2022 to provide specialized financial messaging services, which are used to exchange financial data," to Russian banks listed in the annex to the decision.

Brussels is ready to add new banks to this list if necessary, the European Commission said.

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