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SWIFT will disconnect Russian banks under EU sanctions on March 12

Earlier, the European Union disconnected seven Russian banks from the international system of interbank payments SWIFT, including VTB, Rossiya Bank, Otkritie, Novikombank, Promsvyazbank, Sovcombank, and VEB.RF

MOSCOW, March 3. /TASS/. SWIFT has confirmed that it will disconnect Russian banks under the European Union sanctions from the international payment system on March 12, the company said on Thursday.

"In compliance with the legal instruction in EU Council Regulation (EU) 2022/345 of 1 March 2022, we will disconnect seven designated Russian entities (and their designated Russia-based subsidiaries) from the SWIFT network. This Regulation requires us to disconnect the identified entities on 12 March 2022, and we will do so accordingly," the statement said.

Earlier, the European Union disconnected seven Russian banks from the international system of interbank payments SWIFT, including VTB, Rossiya Bank, Otkritie, Novikombank, Promsvyazbank, Sovcombank, and VEB.RF. The European Commission emphasized that Brussels is ready to add new banks to this list if necessary.