Russian banks will be suspended from the Swift system
At least seven financial institutions will be expelled from the Swift system that facilitates international operations
The European Union (EU) recently agreed to suspend seven Russian financial institutions from the Swift interbank communications system.
In this list stand out VTB (the second largest entity in the country), Rossiya, Otkritie, Novikombank, Promsvyazbank, Sovcombank and VEB. Left out of the list are Sberbank, Russia’s largest bank by assets, and Gazprombank, related to gas giant Gazprom and owned by its pension fund.
Days ago, the United States government, along with other countries such as Germany, France, the United Kingdom, Canada, among others, had supported this proposal in order to “collectively guarantee that the war is a strategic failure for Putin”.
The SWIFT platform connects more than 11,000 organizations (financial and non-financial) in more than 200 countries. It provides these institutions with a tool to be able to communicate with each other securely and allows a reliable exchange of standardized financial messages.
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