Russia’s biggest bank is disconnected from SWIFT

This was reported by Interfax-Ukraine.

The decision was made as part of the sixth package of EU anti-Russian sanctions. Among others, the sanctions targeted, Sberbank, which is the largest banking institution in Russia.

Earlier sanctions on March 12 already disconnected a number of Russian banks had already been disconnected from SWIFT, they were: VTB, Otkrytie Bank, Promsvyazbank, Sovcombank, Russia Bank, Novikombank and the ZEB state corporation.

SWIFT is a cooperative society providing services related to the execution of financial transactions and payments between banks worldwide. The system unites more than 11 thousand financial institutions in more than 200 countries.