Brussels is proposing to exclude three additional Russian banks, including the country's largest institution Sberbank, from the Swift international financial system as part of a new sanctions package, European Commission President Ursula von der Leyen announced on Wednesday. .
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By hitting "
banks of essential systemic importance for the Russian financial system
", this will reinforce its "
total isolation
" and reduce Moscow's ability to finance its war in Ukraine, she told the European Parliament.
So far, seven Russian institutions have been deprived of access to Swift, a secure messaging platform allowing crucial operations such as funds transfer orders between banks.
