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Start learning 50% faster. Sign in nowEuropean Union aims to cut off Sberbank, Russia's largest lender, from the SWIFT international payment system. Western allies seek to further isolate Moscow from financial markets over its war in Ukraine. The latest proposal forms part of the EU's sixth and toughest round of sanctions, which also includes an embargo on crude oil in six months. EU's executive Commission proposed to cut Sberbank and two other Russian banks - Credit Bank of Moscow and the Russian Agricultural Bank - from the Society for Worldwide Interbank Financial Telecommunication (SWIFT). The Society for Worldwide Interbank Financial Telecommunication (SWIFT), provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. SWIFT Headquarters: La Hulpe, Belgium IDRBT Founded: 1973
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