Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

The European Union has adopted the sixth package of sanctions that will cut off Sberbank along with two other Russian banks and a Belarusian bank from the SWIFT international payment system.

The decision comes in the wake of Russia’s continued aggression toward Ukraine and Belarus’ support of it, the Council of the EU said.

European Union High Representative for Foreign Affairs and Security Policy Josep Borrell said: “With today’s package, we are increasing limitations to the Kremlin’s ability to finance the war by imposing further economic sanctions. We are cutting off more of the key Russian banks from the international payment system SWIFT.”

Other than Sberbank, Credit Bank of Moscow, Russian Agricultural Bank and Belarusian Bank For Development And Reconstruction have been targeted.

For the three Russian banks and a Belarusian lender, the new sanctions will come into effect on 14 June 2022.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Notably, the bloc has already cut off seven key Russian banks from the SWIFT.

The council has also listed three other Belarusian banks that were blocked from accessing the interbank messaging system on 20 March 2022.

These are Belagroprombank, Bank Dabrabyt and Development Bank of the Republic of Belarus.

The new sanctions also “prohibit the purchase, import or transfer of crude oil and certain petroleum products from Russia into the EU”.

Last week, the EU members agreed to de-SWIFT Sberbank, which said it is operating as usual and removal from SWIFT will not impact the bank’s national operations.