EU excludes 7 Russian banks from SWIFT system

  02 March 2022    Read: 843
EU excludes 7 Russian banks from SWIFT system

The EU has banned certain Russian banks from SWIFT system and introduced further restrictions, AzVision.az reports with reference to the European Council.

The Council decided in particular to prohibit the provision of specialised financial messaging services, which are used to exchange financial data (SWIFT), to Bank Otkritie, Novikombank, Promsvyazbank, Rossiya Bank, Sovcombank, VNESHECONOMBANK (VEB), and VTB BANK’.

This prohibition will enter into force on the tenth day after the publication in the Official Journal of the EU, and will also apply to any legal person, entity or body established in Russia whose proprietary rights are directly or indirectly owned for more than 50 percent by the above-mentioned banks.

EU also prohibits to invest, participate or otherwise contribute to future projects co-financed by the Russian Direct Investment Fund, sell, supply, transfer or export euro denominated banknotes to Russia or to any natural or legal person, entity or body in Russia, including the government and the Central Bank of Russia, or for use in Russia.


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