Information for clients on war in Ukraine

What does it mean to disconnect some Russian banks from SWIFT and which banks will be affected?

From 12 March SWIFT ban applies on seven banks: Bank Otkritie, Novikombank, Promsvyazbank, Bank Rossiya, Sovcombank, VNESHECONOMBANK (VEB) and VTB BANK. 
The seven Russian banks banned from SWIFT will therefore not have access to international markets. That means individuals and companies using those banks will have a harder time borrowing or investing money across national borders, receiving cash for exports and paying for imports.

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