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UKRAINE INVASION: SANCTIONS - Seven Russian banks disengaged from SWIFT financial network - Analysis

UKRAINE INVASION: SANCTIONS - Seven Russian banks disengaged from the SWIFT financial network.
By GEO´ Newsteam - Gibraltar | Analysis By Iain Fraser - Consultant Geopolitical Editor

In accordance with European sanctions, levied after Russia invaded Ukraine, seven key Russian banks have been disengaged from the SWIFT banking network. The institutions penalised include Russia's second-largest bank VTB (VTBR.MM), Bank Otkritie, Novikombank, Promsvyazbank (PSKBI.MM), Bank Rossiya, Sovcombank and VEB will each be given 10 days to wind-down their SWIFT operations.

What is SWIFT

SWIFT is a Belgian messaging system that connects about 11,000 financial institutions around the world. It is the dominant messaging system underpinning global financial transactions and the EU, the United States, Britain and Canada moved on Saturday to block certain Russian banks from it, but had avoided naming them until now.

Removing Russian financial institutions from SWIFT means they will lose access to the international bank clearing system which effectively stops them trading outside Russia. Once a bank is sanctioned, kicking these sanctioned banks off SWIFT clearly tells institutions in other countries not to work with the sanctioned bank. Click Here to read our full Analysis by Iain Fraser - Consultant Geopolitical Editor.

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