Disconnecting Sberbank from SWIFT does not affect transactions within Russia, int'l restrictions already exist

MOSCOW. May 31 (Interfax) - Disconnecting Sberbank from SWIFT does not affect domestic operations, and there are already restrictions on international settlements owing to the existing sanctions, the credit institution said in a statement.

"Sberbank is operating as usual. The main restrictions are already in place. Being disconnected from SWIFT does not alter the current situation regarding international settlements. Domestic transactions do not depend on SWIFT, and the bank is conducting them in standard mode," Sberbank said.

There were previous reports that the authorities in European Union countries had agreed on a sixth package of sanctions against Russia, with the latest restrictions, among other matters, envisaging disconnecting Sberbank from SWIFT.

The United States on April 6, 2022, imposed blocking sanctions on Sberbank and a number of companies controlled by the credit institution. The blocking sanctions impose a freeze on assets in the United States, as well as a ban on U.S. citizens from conducting any transactions with the bank. Several other countries have introduced similar restrictions on Sberbank.