SWIFT to disconnect Russian banks subject to EU sanctions from its payment system on March 12

By Trend

SWIFT has confirmed that it will disconnect Russian banks subject to EU sanctions from the international payment system on March 12, the corresponding statement was published on Thursday on the company's website, Trend reports citing TASS.

"We will disconnect seven restricted Russian entities (and their designated subsidiaries in Russia) from the SWIFT system. The [EU Regulation of March 2, 2022] requires us to shut down designated businesses on March 12, 2022 and we will do so accordingly," the company said.