On 27 February 2022 the US and EU authorities announced that certain Russian banks are expelled from SWIFT. This restriction will affect “sanctioned” Russian banks, namely VTB, Promsvyazbank, Sovcombank, Otkritie and Novikombank. It means that the aforementioned banks cannot use this international system for international transactions. Domestic transfers within the country will not be affected.
Other restrictions directly affect Russian citizens residing in Russia. European financial institutions are prohibited from accepting deposits from them in amounts exceeding 100K Euro. Russian residents are also prohibited from keeping deposits of more than 100K Euro with European banks. A similar ban is in place in the UK, where the limit is 70K GBP.
