As it ratchets up sanctions on Russia’s economy, the European Commission has proposed kicking the country’s biggest bank off the Swift global payments system that facilitates trillions of dollars worth of trade every day.
Under the plans, Sberbank — along with two other banks, Credit Bank of Moscow and Russian Agricultural Bank — would be disconnected from Swift, which acts as an interbank messaging service.
The announcements were made on Wednesday as part of a proposed package of sanctions that included a phased-in ban on imports of all Russian oil to the EU in retaliation for Moscow’s invasion of Ukraine.
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