The EU disconnects three more russian banks from SWIFT under sixth sanctions package

On June 14, the European Union will disconnect the largest russian bank, Sberbank, Rosselkhozbank, and Moscow Credit Bank, from the interbank system SWIFT under the 6th sanctions package against russia

The EP reports, citing BBC's russian service.

The sanctions were said to have been agreed upon in late May after lengthy and intense consultations between European leaders.

A few days later, most of the restrictions came into force.

"Representatives of the banks still claim that disconnection from SWIFT will not affect their work.

According to russian media, Sberbank has stated that it is operating normally, and disconnection from SWIFT does not change the situation with international payments," the statement said.

At the same time, the Moscow Credit Bank noted that they would carry out operations within russia regularly, but with payments abroad, their terms may increase.

Rosselkhozbank stated that they created the necessary conditions in the russian banking system to ensure uninterrupted autonomy.

Earlier, seven russian banks were shut down from SWIFT due to sanctions: VTB, Otkrytie, Novikombank, Promsvyazbank, Rossiya, Sovcombank, and VEB (Vnesheconombank).

Reference

As reported, on June 3, the EU Council approved the sixth package of economic and personal sanctions against russia and Belarus.

In particular, the EU has decided to ban the purchase, import, or transportation of crude oil and some petroleum products from russia to the European Union.

The phase-out of russian oil will last from six months for crude oil to eight months for other petroleum products.

In addition, the EU extends the current ban on specialized financial messaging services (SWIFT) to three other russian credit institutions—Russia's largest bank Sberbank, Credit Bank of Moscow, and Russian Agricultural Bank—as well as the Belarusian Bank for Development and Reconstruction.