The National Bank of Ukraine has asked global financial messaging system SWIFT to disconnect Russia’s central bank, effectively cutting off the regulator’s ability to conduct international transactions.
“The National Bank of Ukraine appealed to the leadership of the international SWIFT system with a call to disconnect the Central Bank of Russia from the financial messaging system. This will strengthen the international financial isolation of Russia and become an effective tool for maximum counteraction to Russian aggression in the financial sector,” the statement reads, as cited by RIA Novosti.
After the start of Russia’s military operation in Ukraine, the US and its allies began restricting and banning Russia’s largest banks and state-owned companies, and froze around $300 billion in Russia’s forex reserves. While the EU banned operations to manage reserves and assets of the Bank of Russia, European countries are still allowed to carry out transactions with the regulator in cases of urgent need.
Earlier this month, the EU disconnected seven Russian banks from SWIFT. The list includes VTB, Rossiya, Otkritie, Novikombank, Promsvyazbank, Sovcombank, and VEB.RF.