EU Bans 7 Russian Banks From SWIFT, Exempting 2 Major Banks!
On March 2, the European Union published a statement in which it was informed that seven Russian banks had been kicked out of the SWIFT community as a result of their actions. VTB (VTBR.MM), Bank Otkritie, Novikombank, Promsvyazbank (PSKBI.MM), Bank Rossiya, Sovcombank, and VEB are among Russia's second-largest banks. The limits on these banks will take effect on March 12th, according to a statement from the European Union. It has been decided to remove these banks from SWIFT at this moment, and the process has been completed. Seven Russian banks will be cut from the SWIFT network on March 12, according to a statement from the European Union. Russian banks have ten days to pay their international transactions. The European Union, the United States, the United Kingdom, and Canada demanded the withdrawal of select Russian banks from the SWIFT messaging system on Saturday. The United States and the United Kingdom were lobbying for Russian banks to be excluded from SWIFT, but European countries were hesitant to do so. Germany and Italy, with their own interests in mind, slammed these demands. For energy, European countries rely on Russia. European countries believed that imposing this penalty on Russia would make it impossible for them to control energy. Later, after persuading America and the United Kingdom, they agreed. It is expected that the ban on Russian banks will have a significant impact on Russia's economy. SWIFT is a messaging network located in Belgium that enables cross-border payments to all countries and organisations throughout the world. SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a secure communications system that connects over 11,000 financial institutions and businesses in over 200 countries and territories. It makes cross-border trade easier. Sberbank and Gazprombank, Russia's two largest banks, have not been sanctioned by the EU. These banks are the funnels through which the European countries purchases oil and gas from Russia. This is why these banks have not been shut down. This restriction, it was claimed, is critical in isolating Russia. A senior EU source told Reuters that the banks were chosen because of their ties to the Russian Russian government. In a statement, the European Union stated that it has not made a decision to ban the whole Russian financial sector.
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