E.U. proposes disconnecting 15 Russian banks from SWIFT as part of new sanctions package — Bloomberg
The E.U. is considering disconnecting around 15 Russian banks from the international SWIFT banking system as part of its 16th sanctions package against Russia, Bloomberg reports, citing sources familiar with the matter.
The sources did not specify which banks could be affected.
The proposed package also includes a phased ban on imports of Russian aluminum and actions against more than 70 vessels in the so-called “shadow fleet” that have been transporting Russian oil sold at prices above the Western-imposed cap of $60 per barrel.
Approval of the sanctions requires unanimous support from all E.U. member states, which is not guaranteed given Hungary’s opposition, Bloomberg notes. The measures are being discussed ahead of the third anniversary of Russia’s full-scale invasion of Ukraine.
The E.U. cut off Russia’s largest banks from SWIFT soon after the full-scale war began in February 2022. In March 2023, Russia’s Central Bank required domestic financial institutions to use only Russian services and infrastructure for transactions within the country. Russia’s SWIFT analogue, the System for Transfer of Financial Messages (SPFS), allows transfers in rubles and other currencies domestically and internationally, provided both banks are connected to the system.
In the summer of 2024, as part of its 14th sanctions package, the E.U. imposed restrictions on SPFS, barring European companies from connecting to the Russian system. It also prohibited transactions with third-country entities using SPFS outside Russia and placed them on a special blacklist.
Sign up for Meduza’s daily newsletter
A digest of Russia’s investigative reports and news analysis. If it matters, we summarize it.