Sberbank to Disconnect from SWIFT System, EU Council Head

Leaders of the European Union have reached an agreement on the sixth package of sanctions against Russia, which includes, among other measures, the disconnection of Sberbank from the SWIFT system, announced European Council President Charles Michel.

“This sanctions package also includes other harsh measures, such as disconnecting Russia's largest bank, Sberbank, from SWIFT,” TASS quotes Michel on Twitter.

He added that broadcasting of three more Russian state media outlets will be banned in the EU.

In mid-April, Elvira Nabiullina, the head of the Central Bank of Russia, stated that 52 foreign organizations have already joined SWIFT's Russian analog, the Financial Messaging Transfer System. Nabiullina had said in February that Russia's financial infrastructure would operate smoothly. According to her, the domestic financial messaging system could replace SWIFT.