Russia-Ukraine War Live: Latest News

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The European Union’s latest package of Russia sanctions will knock three Russian banks, including Sberbank, the country’s largest, off the Swift global financial transactions network.

The measures, approved on Thursday, are set to take force on Friday.

The EU, U.S., U.K. and Canada agreed in the days after Russia’s Feb. 24 invasion of Ukraine to instruct Swift to delist a number of other Russian banks. Notably absent from that Swift ban were Sberbank and Gazprombank. A number of countries, at the time, had argued that it was important to make sure some banks remained on Swift to help Europe pay for essential energy imports from Russia and to allow some other vital transfers.

Belgium-based Swift, the Society for Worldwide Interbank Financial Telecommunication, is the financial-messaging infrastructure that links the world’s banks, though it doesn’t handle actual money transfers.



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