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.

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