After the unanimous approval of the European Union to withdraw Russia from the SWIFT payment system due to the invasion of Ukraine, the block of 27 is now discussing the exclusion of seven russian banksincluded VTB Bank PJSC, the second largest financial institution in Russia, and Bank Rossiyaaccording to a draft to which the Bloomberg agency had access.
The list is made up of a subset of banks that have already faced sanctions in the past by the agency. However, the penalty would not include Sberbank PJSC, the largest lender in Russianor to Gazprombank.
Meanwhile, the other institutions included in the list are Bank Otkritie, Novikombank, Promsvyazbank PJSC, Sovcombank PJSC and VEB.RF. According to Bloomberg, this ratio is subject to change.
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The final list would have to be agreed with other jurisdictions, including USAaccording to sources consulted by the prestigious agency.
Last weekend, a joint statement from USAthe European Commission, France, Germany, Italy, the United Kingdom and Canada announced the decision to exclude some Russian banks from the SWIFT messaging system, used for transactions worth trillions of dollars around the world.
Limiting Russia’s access to SWIFT was seen as unlikely due to the potential damage it could inflict on their own economies. The EU and the US have been working on ways to mitigate the impact on energy-related transactions, for example by excluding some of the largest Russian banks from this specific measure.
With information from Bloomberg.
Source: Larepublica
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