EU plans to exclude seven Russian banks from SWIFT; Here’s what you should know

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The European Union on Wednesday publicized that in less than ten days of time, it aspires to eradicate seven Russian Banks from the Society of the Worldwide Interbank Financial Telecommunication.

The authorized banks’ list contains Russia’s second-largest bank VTB, Bank Otrkitie, Novikombank, Promsvyazbank, Bank Rossiya, Sovcombank, and VEB.

Impact on Russian economy and banking system

In case SWIFT removes these banks, the Russian Economy and the banking system plus the Belgian messaging system, which is linked with the 11,000 financial institutions worldwide, most likely will undergo acute losses.

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As a state of affairs, the punishment has more damaging effects on the normal people who live in Russia rather than the tyrant themselves. There is no official confirmation, but Vladimir Putin’s wealth is in possibly billions of dollars which clearly tells us that the President can have a luxurious life even after the potential ruthless actions that the world is taking.

While commenting on the matter, Ursula von der Leyen, the President of the European Commission, said, “Today’s decision to disconnect key Russian banks from the SWIFT network will send yet another very clear signal to Putin and the Kremlin.”

On the Other hand, the Russian citizens have a very difficult time nowadays. As per the data from XE, the currency of Russia, i.e., the ruble, has lost its worth nearly 30% since Russia captured Ukraine one week before.

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Amid the increased devastating sanctions, the Russian Citizens are standing in front of the ATMs in a long queue in order to clean out their savings before the authorities seize them. Moreover, the Threat of hyperinflation looms over the country’s economy. As a result, it was also seen that the trading volume between Tether and Russian Rouble made record highs hinting that Russian citizens are turning to Crypto.

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