European Union bans the use of international SWIFT system for the “Otkrytie”, “Novikombank”, “Promsviazbank”, “Russia Bank”, “Sovkombank”, “Vneshekonombank (VEB)” and VTB Bank.
This ban will take effect on the tenth day after the publication in the Official Journal of the European Union (meaning on March 12). Any legal entity or organization registered in Russia with more than 50% of property rights belonging to the banks mentioned above will also be under this ban.
In addition, European legal entities and individuals are prohibited from participating in any future projects of the Direct Investment Fund. The UK and US have already imposed sanctions on this Fund.
The European Union also prohibits the sale, supply, transfer, or export of euro banknotes to Russia or any individual or legal entity or body in Russia, including the Government and the Central Bank of Russia, or for the use in Russia.
Let us remind, that the technical support for the disconnection of Russia from SWIFT began on February 26. All the EU-member states and USA supported it.
Disconnecting from SWIFT means that these banks will not be able to conduct international transactions money transfers from or into Russia (including from labor migrants). The Russian production industry will suffer the most from this ban. All the largest banks in every part of the country are connected to this system.