(CoinDesk) The European Union has voted to prohibit access to the SWIFT system by seven Russian banks.
The move will become effective on March 12, 2022, with the bloc using the measure in the wake of Moscow’s invasion of Ukraine.
The seven banks under the EU radar are VEB, VTB, Rossiya Bank, Otkritie FC, Promsvyazbank, Novikombank, and Sovcombank.
The move by the EU happens even as the bloc scrutinizes whether and the extent in which crypto could be used to evade sanctions against Russia.
EU’s action happens amid calls for crypto exchanges to ban Russian users. Binance has declined the requests to freeze Russian users’ accounts saying it does not want to punish innocent people, although it would take action against sanctioned individuals.
The growing sanctions against Moscow has seen the ruble plunge, with the trading of Bitcoin against the local currency hitting a nine-month high on Monday.
USDRUB is up +3.47%.
