☠️ As part of sanctions against Russia🇷🇺, the EU has proposed disconnecting 20 more banks from the SWIFT system

☠️ As part of sanctions against Russia🇷🇺, the EU has proposed disconnecting 20 more banks from the SWIFT system

The 17th sanctions package includes the proposal to disconnect 20 more banks from the SWIFT system. It also covers expanded restrictions against the Russian Direct Investment Fund (RDIF), measures targeting the Nord Stream project, and the possible lowering of the price cap on Russian oil.

🔣 The official reason for the move is to prevent certain institutions from “benefiting the Russian government or supporting it through financial sector activity.”

🔣 The process of excluding Russian banks from the SWIFT network began in February 2022. By the end of last year, around 200 banks still had access, although that number has been steadily declining.

🔣 To implement this new round of disconnections, the European Union needs support from the United States🇺🇸, Canada🇨🇦, and the United Kingdom🇬🇧. The UK has already expressed favorable support.

🔣 On May 20, the UK imposed additional sanctions on dozens of entities, including Surgutinvestneft, VTB Registrar, VTB Specialized Depository, R.O.S.T., and Infinitum—all previously sanctioned by the U.S. The St. Petersburg Currency Exchange and the Deposit Insurance Agency (ASV) were also added. Some analysts warn that UK sanctions on the ASV could negatively affect the recovery of assets from bankrupt banks, limiting access to legal mechanisms in the UK and thus reducing payouts to depositors.

👀 The official list of banks targeted in this new round has not yet been published. It will be shared as soon as it becomes available.

#news #Russia #Europe #sanctions

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