Bank skyline in Moscow
Photo: AP
After numerous other Russian financial institutions, the market-leading Sberbank is now to be excluded from the international financial communication system Swift.
"We are decoupling Sberbank - by far the largest Russian bank - and two other large banks from Swift," said EU Commission President Ursula von der Leyen.
This would hit banks relevant to Russia's financial system and limit President Vladimir Putin's ability to carry out further destruction.
"This cements the complete isolation of the Russian financial sector from the global system," von der Leyen said of the planned exclusion of banks from the world's most important messaging service for payment transactions.
Gazprombank still not sanctioned
The European subsidiary of the Russian Sberbank had to cease operations in March.
However, insolvency was averted by the sale of the asset portfolio.
According to the institute, the savings deposits will be repaid in full.
In Germany, the bank had attracted investors under the Sberbank Direct brand with comparatively high interest rates.
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According to EU sources, sanctions will also affect the Credit Bank of Moscow and the Russian Agricultural Bank.
The EU wants to deprive the Russian economy of the opportunity to diversify and modernize, stressed the President of the Commission.
In order to counteract Russian propaganda, the broadcasting licenses for the European Union are to be withdrawn from three state broadcasters in the country.
Finally, according to the head of the EU Commission, there should also be personal sanctions against members of the Russian military who are responsible for the atrocities against the civilian population in Bucha, for example.
In March, the EU had already excluded Russia's second-largest bank VTB, Bank Rossiya and the state bank VEB from Swift.
Gazprombank, among others, has not been affected so far.
One reason is not to jeopardize the ongoing Russian gas supplies.
hey/dpa/Reuters
