July 23, 2024 05:42 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Pakistani singer Rahat Fateh Ali Khan dismisses reports of his arrest in Dubai, says 'not true' | Centre rules out granting special status to Bihar, Lalu Yadav's party takes swipe at BJP ally JDU | INS Brahmaputra catches fire, lying on its side after major damage; sailor missing | Question on atoms in NEET-UG Physics section catches Supreme Court's attention | Supreme Court stays Yogi govt's Kanwar Yatra diktat given to eateries
Russia-Ukraine War: EU removes Russian banks from SWIFT, bans RT, Sputnik
Russia-Ukraine Crisis
Smoke billows after an airstrike on garages used by Ukrainian Territorial Defense units in Kharkiv on Wednesday. (Image Credit: UNI)

Russia-Ukraine War: EU removes Russian banks from SWIFT, bans RT, Sputnik

| @indiablooms | 03 Mar 2022, 01:08 am

In yet another wave of measures to isolate Russia and choke its international money flow, the European Union (EU) on Wednesday blocked seven Russian banks from the SWIFT payment system and banned Kremlin-controlled media outlets RT and Sputnik.

The list comprised Russia's second-biggest lender VTB Bank as well as Bank Otkritie, Novikombank, Promsvyazbank, Rossiya Bank, Sovcombank and VEB (Vnesheconombank), all of which were considered to have direct links to financing Russia's war in Ukraine.

SWIFT interbank messaging network allows for quick and secure transactions.

Effective immediately, these measures are the latest Western-coordinated sanctions on Russia for its invasion of Ukraine.

"At the speed of light, the European Union has adopted three waves of heavy sanctions against Russia's financial system, its high-tech industries and its corrupt elite," European Commission chief Ursula von der Leyen said in a statement.

The joint sanctions targeting Russian President Vladimir Putin, ministers and other wealthy individuals supporting his rule as well as Russian banks, including the country's central bank, has already caused a dent in Russia's economy.

Despite the hard-hitting sanctions, Russia's invasion of Ukraine has entered the seventh day with forces of both sides engaging in fierce fighting.

The list of banks cut off from SWIFT payment system will be "continuously under review" and updated according to how the situation evolves in the future, a senior EU official said, reported AFP.

With the cumulative actions in the form of SWIFT ban, asset freezes and financing sanctions imposed by EU and other countries, "slightly more than 80 percent of the (Russian) banking system is subject to some sanctions," he added, the report said.

The EU is also barring investment in the Russian Direct Investment Fund and supply of euro banknotes to anyone in Russia except for personal use or diplomatic reasons.

"This is the largest sanctions package in our Union's history. Today's decision to disconnect key Russian banks from the SWIFT network will send yet another very clear signal to Putin and the Kremlin," von der Leyen said.

On the ban on RT and Sputnik, the bloc's foreign policy chief Josep Borrell said, "We are taking an important step against Putin's manipulation operation and turning off the tap for Russian state-controlled media in the EU."

Von der Leyen added: "We will not let Kremlin apologists pour their toxic lies justifying Putin's war or sow the seeds of division in our Union."

EU said both the outlets "a significant and direct threat to the EU's public order and security" and that they were "essential and instrumental in bringing forward and supporting the aggression against Ukraine, and for the destabilisation of its neighbouring countries".

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.