Russian Banks’ Link With SWIFT suspended, Sputnik, RT Banned

Web Desk — The European Union cut off Swift payments to seven Russian banks and banned Kremlin-controlled media outlets RT and Sputnik from broadcasting in the EU.

The measures, which took effect immediately, ratcheted up the sanctions coordinated by the West against Russia for its invasion of Ukraine.

In a statement, EU chief Ursula von der Leyen said that three waves of heavy sanctions have been imposed against Russia’s financial system, high-tech industry, and corrupt elite at the speed of light.

Russia’s economy has already buckled under the cumulative punishment over the past week that also targets Russian President Vladimir Putin, ministers and oligarchs supporting his rule, as well as Russia’s central bank. But so far there is no sign of it deterring Putin from an escalation of his war.

The list consisted of Russia’s second-largest lender, VTB Bank, as well as Bank Otkritie, Novikombank, Promsvyazbank, Rossiya Bank, Sovcombank, and VEB (Vnesheconombank), which were deemed to be directly involved in financing Russia’s war in Ukraine.

In order to enable EU countries to pay for Russian gas and oil, the list did not include Russia’s biggest bank, Sberbank, or another significant bank, Gazprombank.

Switzerland, a major financial center outside the EU, has indicated it will follow the EU sanctions.

Brussels also banned broadcasts by RT, formerly known as Russia Today, and Sputnik, both considered propaganda organs of the Kremlin parroting disinformation about what is happening in Ukraine.