European Union Bans 7 Banks From Swift Network – Cryptovibes.com – Daily Cryptocurrency and FX News
https://ift.tt/BjmvHdF
The European Union has now agreed to exclude seven Russian banks from the Swift financial messaging network. Those banks that were chosen for banning include Russia’s second-biggest bank VTB, together with state-owned entities that prop the Putin regime Novikombank, Promsvyazbank, VEB, Otkritie FC, Rossiya Bank, and Sovcombank.
European Union president Ursula von der Leyen said:
“At the speed of light, the European Union has adopted three waves of heavy sanctions against Russia’s financial system, its high-tech industries, and its corrupt elite. This is the largest sanctions package in our Union’s history. Today’s decision to disconnect key Russian banks from the Swift network will send yet another very clear signal to Putin and the Kremlin.”
The exclusion order is expected to come into effect within ten days, giving SWIFT enough time to implement the important technical work and minimize any potential negative effects for European Union businesses and financial markets. The EU said:
“Depending on Russia’s behavior, the Commission is prepared to add further Russian banks at short notice.”
Russia’s biggest commercial bank Sberbank escaped this ban but has nonetheless been compelled to withdraw from the European market as a result of liquidity shortages.
Furthermore, the EU has now banned investing in projects that are co-financed by the Russian Direct Investment Fund. The provision of euro-denominated banknotes to Russia has also been banned.
Cryptocurrency
