Russia SWIFT Sanctions Enforced... EU Excludes State-Owned Banks Without Exception (Update)
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[Asia Economy Reporter Song Seung-seop] The European Union (EU) has implemented a measure to exclude Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
According to major foreign media including AFP on the 2nd, the EU has excluded seven Russian banks (VTB Bank, Bank Rossiya, Bank Otkritie, Novikombank, Sovcombank, Promsvyazbank, VEB) from the SWIFT network. VTB Bank is a Russian state-owned bank and is considered the second largest bank in Russia.
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SWIFT is a communication network used for international financial transactions by over 11,000 banks in more than 200 countries. Being excluded from SWIFT effectively makes various financial transactions such as remittances, investments, and currency exchanges impossible.
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