DECRYPTION – These banks, through which pass most of the payments for Russian gas and oil supplies to the EU, escape exclusion from the financial system.
Sanctions against Russian banks continue to fall. After several days of negotiations between the 27 Member States of the European Union, Brussels published on Wednesday the list of the seven establishments which will be disconnected from the Swift financial system. A key cog in finance and global trade, this platform provides a messaging service to its 11,000 members, so that they can make international payments to each other in a secure manner.
Read alsoWar in Ukraine: Westerners exclude many Russian banks from Swift
Exclusion from the network, presented as a “financial nuclear weapon” designed to partially cut off the Russian economy from global finance, involves VTB, Russia’s second largest bank, and six other institutions – Bank Otkritie, Novikombank, Promsvyazbank, Rossiya Bank, Sovcombank and VEB (the regime’s development bank) -, reputed to be close to the Kremlin. Choose in “close cooperation with London and Washington, these establishments are the first concerned by the financing of the war effort of…
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