Tag: Promsvyazbank

European regulators have already closed the European subsidiary of state-owned Russian Sberbank. The US, the UK, EU, and Canada agreed to expell seven Russian banks from the SWIFT messaging system. The ban does not include Sberbank and Gazprombank. They were exempted because they handle most of the payments related to gas and oil exports, on which the EU heavily depends to produce energy. Around 40% of the gas consumed by the bloc comes from Russia.