EconomyPolitics The EU’s new Russian sanctions will sever 13 extra Russian banks from SWIFT. Friday, February 21, 2025

One other 13 banks will likely be faraway from the worldwide fee system as a part of the sixteenth package deal of EU sanctions. Representatives from 27 EU international locations, together with Hungary, agreed upon this new set of measures. Russia has reported that 95% of its banking system is already underneath Western sanctions. A complete of 129 credit score establishments, which management practically all of the property of the nation’s monetary system, have been added to the checklist of sanctioned instituions.

The newest spherical of US sanctions targets 50 banks, together with Gazprombank – the final state-owned financial institution that maintained entry to greenback settlements and the SWIFT system. Nevertheless, it’s unlikely to be affected by European sanctions, because it continues to course of funds for Russian fuel, which Hungary and Slovakia buy €250M of every month. Entry to SWIFT will primarily be misplaced by smaller banks.

The sanctions checklist will embrace 35 authorized entities and 48 people, which consists of officers and propagandists, in addition to 73 tankers from Russia’s shadow fleet. The package deal additionally entails a phased ban on EU international locations buying sure kinds of Russian aluminum merchandise.