EU adopts sanctions to exclude 7 Russian banks from SWIFT

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The European Union has put into effect sanctions to exclude seven Russian financial institutions from the SWIFT banking communications network with a 10-day-transition period.

SWIFT is the Society for Worldwide Interbank Financial Telecommunication that is based in Belgium and connects more than 11,000 banks, financial institutions and corporations around the world.

VTB, Russia’s second largest bank, Bank Otkritie, Novikombank, Promsvyazbank, Rossiya Bank, Sovcombank and Vnesheconombank (VEB) were listed for expulsion in the EU Official Journal on Wednesday.

Sberbank and Gazprombank, the main facilitators of energy payments in the EU, were not included, a senior EU official said, after EU member states voiced concerns about energy prices increasing.

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