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Two Russian banks will soon be cut off from access to SWIFT system, - media
18:24, 27 August 2017
Two Russian banks will soon be cut off from access to SWIFT system, - media

Both banks are under US and EU sanctions because of work in Crimea

18:24, 27 August 2017

Open source

The American company Finastra, which has the rights for the software operating with the international system SWIFT, refused to cooperate with two Russian banks that were sanctioned. This is reported by Vedomosti.

According to the publication, access to SWIFT will be turned off for the Russian National Commercial Bank, which now operates primarily in the occupied Crimea and is a backbone for the region, and for Tempbank.

Finastra plans to cease cooperation with these banks until August 31. Banks can reconnect to the software from SWIFT itself, but for this it is necessary to conclude contracts and it will take several tens of thousands of dollars. And this must be done before August 31.

Russian National Commercial Bank came under EU sanctions in 2014, next year the US imposed sanctions against the bank. Tempbank is under sanctions because of assistance to the Bashar Assad regime, and also because of cooperation with companies and people who are under sanctions. Recently, Tempbank has introduced a temporary administration.

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