Deadline for disconnection of sanctioned banks of Russia from SWIFT is March 12

14:24, 02.03.2022 1 min read

Since March 12, the European Union has banned the provision of financial messaging services to Russian banks that have fallen under sanctions. The relevant decision was published in the Official Journal of the EU.

This list includes VTB, Otkritie, Promsvyazbank, Sovcombank, Rossiya Bank, Novikombank, and the state corporation VEB.

SWIFT (Society for Worldwide Interbank Financial Telecommunications) is a system for transmitting financial messages (payment orders, instructions for transferring the Central Bank, reference information) for performing transactions in the payment market, securities, derivative financial instruments. The system unites more than 11,000 financial institutions in over 200 countries.