European Union ambassadors agreed to exclude seven Russian banks from the SWIFT financial-messaging system but spared the nation’s biggest lender Sberbank PJSC and a bank part-owned by Russian gas giant Gazprom PJSC.
VTB Bank PJSC and Bank Rossiya are among the banks that face a ban from the messaging system that enables trillions of dollars worth of transactions around the world, according to officials familiar with the decision. The measures in response to Russian leader Vladimir Putin’s invasion of Ukraine are expected to be adopted overnight.
The other institutions included on the EU list are Bank Otkritie, Novikombank, Promsvyazbank PJSC, Sovcombank PJSC and VEB.RF, said the officials, who asked not to be identified because the decision was private.
Some countries, including Poland, had pushed for more banks to be included in the measure, they said. The list could still be changed before it formally comes into force.
The absence of Sberbank PJSC and Gazprombank shows the continuing level of concern over the consequences for Europe from a financial isolation of Russia spilling over into the global economy, especially when it comes to energy supplies. The bloc is also worried Russia could retaliate by cutting deliveries.
The plan to boot some Russian banks off the SWIFT messaging system was announced over the weekend in a joint statement by the European Commission, U.S., France, Germany, Italy, U.K. and Canada.
