The SWIFT financial messaging system will no longer provide services to Sberbank, Rosselkhozbank (RSHB) and Moscow Credit Bank from June 14.

This decision was taken within the framework of the sixth package of anti-Russian sanctions of the EU.

Earlier it was reported that VTB, FC Otkritie Bank, Promsvyazbank, Sovcombank, Bank Rossiya, Novikombank and VEB state corporation were disconnected from SWIFT from March 12, 2022.

SWIFT (Society for Worldwide Interbank Financial Telecommunications) is a system for transmitting financial messages (payment orders, transfer orders, reference information) to perform transactions in the market of payments, securities and derivative financial instruments. The system unites more than 11 thousand financial institutions in more than 200 countries.

SWIFT is a private association headquartered in Belgium. The company has repeatedly stated that it has no authority to make decisions on these or those sanctions. Any decision to impose or lift sanctions on countries or individual entities is made exclusively by competent state authorities, the association noted. However, being registered under Belgian law, it is obliged to follow EU regulations.

Since March 12, 2022, the EU has banned the provision of financial messaging services to Russian banks hit by sanctions. SWIFT has since confirmed that it will disconnect these credit organizations from the system.