A European proposal to exclude the largest Russian bank and two other banks from “Swift”

The European Commission on Wednesday proposed to exclude Russia’s largest bank, Sberbank, and two other banks from the SWIFT international financial transaction system. in another blow to the Russian financial system due to the war in Ukraine.

“We intend to exclude Sberbank, the largest Russian bank, and two other large banks from the SWIFT system,” European Commission President Ursula von der Leyen told the European Parliament.

“With this we are dealing a severe blow to the banks, which are extremely important to the Russian financial system and to Putin’s destructive capacity,” he added.

“This will further isolate the Russian financial sector from the global system,” Line stressed.

On Tuesday, the European Commission put the finishing touches on its proposal for a sixth sanctions package against Moscow to drain the sources of funding for its war effort against Ukraine.

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