EU boycotts seven Russian banks: here they are | Financial

These are Vnesheconombank (VEB), Bank Rossiya, Sovcombank, Bank Otkritie, Novikombank, Promsvyazbank and VTB Bank. No money is transferred via Swift. It is an electronic financial messaging service between thousands of banks from approximately two hundred countries, which makes cross-border payments easier, among other things. Millions of payment instructions pass through the network every day.

The punitive measure comes after the Russian invasion of Ukraine and was already announced. Now that the full measure has been published in the Official Journal of the EU, the sanction is final.

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