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

Member countries of the European Union have agreed to cut off Russia’s Sberbank from the SWIFT international payment system. 

The move is part of the EU’s sixth package of sanctions against Russia for its invasion of Ukraine. 

The new sanctions will also target the Credit Bank of Moscow and the Russian Agriculture Bank, Bloomberg reported citing unnamed sources familiar with the discussion. 

The EU, the US and the UK have already cut off several other Russian lenders from the global payment system.

Sberbank was spared because it played a key role in allowing EU members to pay for Russian energy imports.

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
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

This time, Russian lender Gazprombank has been spared by the bloc because it is handling payments from the EU for Russian gas. 

The new round of sanctions also has a provision for a partial ban on the import of Russian oil. 

Responding to the sanctions, Sberbank said it is carrying out its operations as usual.

“Sberbank is operating as usual. The bulk of the restrictions are already in place, yet the removal from SWIFT will not affect the current situation with international settlements. The bank’s national operations do not depend on SWIFT and will be run as normal,” the bank’s statement read

Other Russian lenders that have been cut off SWIFT include VTB, Rossiya Bank, Otkritie, Novikombank, Promsvyazbank, Sovcombank and VEB.RF.

Earlier this month, Ukraine’s parliament approved President Volodymyr Zelensky’s decree allowing the Ukrainian authorities to seize Sberbank’s 100% stake in International Reserve Bank (IR Bank).