Russia’s Sberbank to be Cut Off from SWIFT Payment Platform

The European Union (EU) has announced plans of cutting off Russia’s largest bank, Sberbank, from the SWIFT international payment system.

In a speech delivered on Wednesday, European Commission President Ursula von der Leyen said they will “de-SWIFT Sberbank” including two other banks in a proposal she laid out before members of the European Parliament.

“By that, we hit banks that are systemically critical to the Russian financial system and Putin’s ability to wage destruction. This will solidify the complete isolation of the Russian financial sector from the global system,” von der Leyen said.

However, von der Leyen didn’t mention the name of the two other banks.

Some EU diplomats, quoted in a report by The Politico, revealed that the two other banks were the Credit Bank of Moscow and the Russian Agricultural Bank.

The EU’s stance on Russian banks has been sharpened with Wednesday’s announcement.

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