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EU’s sixth package of sanctions: Three Russian banks are disconnected from SWIFT

As part of the sixth package of sanctions, on June 14, 2022, the EU disconnects the Russian Sberbank, Russian Agricultural Bank (Rosselkhozbank), and Credit Bank of Moscow from the SWIFT system.

According to the BBC, bank officials still argue that disconnecting from the SWIFT will not significantly impact their work.

Sberbank says that they are working as usual, and disconnecting from SWIFT does not change the situation with international settlements.

The Credit Bank of Moscow notes that transactions within Russia will proceed as usual, however, with payments abroad, the timing of their execution may increase.

Rosselkhozbank notes that the necessary conditions have been created in the Russian banking system to ensure uninterrupted autonomous operation.

Context. The decision to impose the sixth package of sanctions against Russia over the war against Ukraine was published in the Official Journal of the EU on June 3, 2022.

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