European Commission: Some Russian Banks Are Removed From SWIFT Cross-border Network

27.02.2022 21:13
by Nina Petrov
1 min read

As part of the ongoing international sanctions against Russia, the European Commission announced that a certain number of Russian national banks will be removed from the SWIFT (Society for Worldwide Interbank Financial Telecommunication) messaging system.

As a consequence, these banks won’t be able to process international payments.

Apart from excluding Russian banks from the SWIFT system, the European Commission also plans to freeze the Russian central bank’s assets, significantly hindering its liquidity.

Additionally, the Commission announced a transatlantic task force, that will monitor implementation and ensure all sanctions are properly enacted.

The Commission also officially condemned the Russian President Vladimir Putin and Russia’s operations in Ukraine, saying that Europe holds Russia responsible for the war, and that sanctions are a way to ensure Putin’s strategic failure.

For the time being, the sanctions primarily aim at “golden passports” and rich Russian citizens. However, there is a growing public concern that they could potentially use crypto to evade traditional banking systems and, consequently, sanctions.

Author

  • Nina Petrov is a theoretical mathematician, passionate about new trends in the global economy and blockchain technology. She is a devoted content creator and editor, crypto-enthusiast and stock market analyst.

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