Which banks of the top ten will not be banned from SWIFT?
Several Russian banks will be banned from the SWIFT payment system. This will not affect those financial companies that are not subject to EU and US sanctions. We give a list of them below:
4. Unicredit Bank
5. Citi Bank
6. Regional Development Bank
8. Saint Petersburg
10. Pochta Bank
Society for Worldwide Interbank Financial Telecommunication – or Swift for short – is a cross-border payment system used by banks for international transfers. This tool guarantees a fast and secure transfer of funds, both on the territory of Russia and abroad.
Banks in more than 200 countries use the SWIFT system, which has a daily turnover of about five billion dollars. The security of transfers is guaranteed using the company’s cryptographic encryption standards.
Thus, in Russia, a sufficient number of large banks with a decent reputation continue to operate normally, which means that financial transactions will be carried out in the same mode – quickly and safely.