More Russian banks will be cut off from SWIFT as part of the sixth round of sanctions

Borrell, the EU’s top diplomat, warned on Tuesday that the EU’s sixth round of sanctions will widen the list of Russian banks that will be cut off from the SWIFT system. At the upcoming meeting of the EU Foreign Affairs Council, the EU may approve a sixth set of sanctions on Russia.

The dates for the upcoming Council meetings are May 10 and 16. VTB, Rossiya, Otkritie, Novikombank, Promsvyazbank, Sovcombank, and VEB are among the banks that have already been subjected to such limitations. This list of banks was approved by EU authorities, and they were unplugged from the SWIFT financial messaging system on March 12.

As a result of this, India and Russia have concluded development on a SWIFT alternative. The new payment system has been installed at the Reserve Bank of India and VEB offices. The new method is meant to guarantee the smooth transmission of import and export documentation for transactions involving rupees and rubles.