The European Union plans to introduce new financial sanctions against Russia, in particular, it is considering the possibility of disconnecting even more Russian banks from SWIFT, said EU High Representative for Foreign Affairs and Security Josep Borrell.
“We are also working on new sanctions, the decision on which can be made in the coming days. For example, we can increase the number of Russian banks that we disconnect from the SWIFT system, but we have not yet made decisions on specific banks, we have only sent proposals to technical groups, ”he said (quoted by RIA Novosti).
The international interbank information transfer and payment system SWIFT has been operating since 1973. Its co-founders are financial institutions using the system of the same name. Today, SWIFT has over 11,000 members in 200 countries and territories. Previously, forced blocking of access to the system was applied to banks in Iran, North Korea and Afghanistan.
Western countries have imposed sanctions against Russia for the military operation in Ukraine. In particular, blocking US sanctions have been imposed on VTB, Sovcombank, Novikombank, Otkritie and Promsvyazbank. The EU, in turn, banned the sale and purchase of securities and other financial instruments in euros in the interests of Russian legal entities and individuals. Financial institutions in Europe cannot provide Russian residents and companies with any services for the sale of securities issued after April 12 of this year. Sberbank’s correspondent accounts in the US and the UK were sanctioned.
The European Union decided to disconnect VTB, Rossiya Bank, Otkritie, Novikombank, Promsvyazbank, Sovcombank and VEB from the international interbank SWIFT system. The US and UK have also imposed sanctions on several Russian oligarchs and their families. The authorities froze their assets in their territories and banned them from entering.