The European Union has imposed sanctions on thirty-three Russian banks with a complete ban on the SWIFT system, bringing the total to about half of Russia's banking sector, including systemic institutions.
European Commission officials outlined the details of the adopted 21st sanctions package during a briefing in Brussels on Thursday.
The new restrictions place 33 Russian banks under a transaction ban that includes being disconnected from the SWIFT messaging network, targeting large regional institutions and those absorbing previously sanctioned entities.
Additionally, third-country banks facilitating the circumvention of EU sanctions were added to the list. These include an institution in Mongolia, two Russian bank subsidiaries in India belonging to Sberbank and VTB, and a Chinese bank continuing to utilize Russian payment systems such as Mir.
Conversely, following discussions and verified compliance measures, sanctions were lifted from certain third-country banks, such as Azerbaijan's Yelo Bank, after they disconnected from Russian systems.
Responding to journalists, officials noted that Gazprombank and Raiffeisen were omitted from the current list because some legitimate trade channels must remain open.
Another European official stated that a total of 94 Russian banks are now under full sanctions blocking by the European Union. These measures target roughly half of the country's banking sector by count and represent the upper tier in terms of revenues, assets, and transaction volume, encompassing most systemic lenders.
Officials emphasized that these financial institutions act as critical intermediaries for supply chains supporting Russia's military infrastructure, meaning the restrictions are expected to exert considerable pressure on those operations. The measures also encompass an additional major financial institution headquartered in Moscow.
