EU Is Set to Delist Seven Banks from Swift Including VTB Bank, Diplomats Say
March 01 2022 - 9:50AM
Dow Jones News
By Laurence Norman
The European Union is set to instruct the Swift financial
network to delist seven banks including Russia's VTB Bank, in the
bloc's latest move to put economic pressure on the Russian
government, two diplomats involved in discussions said.
However the EU is not including Russian bank Sberbank of Russia
on the list of banks to be delisted at this point. Some countries,
including the Baltic states, are pushing for the EU to come back in
coming days and delist more banks, the diplomats said but there is
no agreement on that.
The formal decision is set to be taken Tuesday afternoon by EU
ambassadors.
Among other banks which the EU will instruct Swift to delist are
recently sanctioned Russian banks VEB RF, Bank Rossiya and Bank
Otkritie.
The decision to delist some banks but not all represented an EU
compromise. A number of countries, including Germany, have argued
that it is important to make sure some banks remain on Swift to
help Europe pay for energy imports from Russia and to allow some
other vital transfers.
Tuesday's list of seven banks to delist was agreed overnight in
discussions between Washington and Brussels.
In addition to Sberbank, Russia's Gazprombank won't be
delisted.
Swift's Board will have to formally vote to approve on the
decision.
Write to Laurence Norman at laurence.norman@wsj.com
(END) Dow Jones Newswires
March 01, 2022 09:35 ET (14:35 GMT)
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