EU to Ban Seven Russian Banks From SWIFT, Spare Key Firms
- The bloc’s ambassadors reached a decision on seven banks
- The punitive measures are expected to be adopted overnight
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European Union ambassadors agreed to exclude seven Russian banks from the SWIFT financial-messaging system but spared the nation’s biggest lender Sberbank PJSC and a bank part-owned by Russian gas giant Gazprom PJSC.
VTB Bank PJSC and Bank Rossiya are among the banks that face a ban from the messaging system that enables trillions of dollars worth of transactions around the world, according to officials familiar with the decision. The measures in response to Russian leader Vladimir Putin’s invasion of Ukraine are expected to be adopted overnight.