The removal of these Russian banks from SWIFT was seen as drastic and unlikely a week ago, in the beginning of the invasion. It is one of the most powerful tools Western countries have to make Russia change course.
Russia’s largest lender Sberbank and Gazprombank were not included as they are the main channels for payments for Russian oil and gas.
However, Sberbank was affected by the sanctions. As its European subsidiaries are facing huge cash outflows, the lender is leaving the European market.
