EU's Josep Borrell warns more Russian banks will be disconnected from SWIFT payment system

Amidst ongoing ruthless war in Ukraine, European Union (EU) High Representative for Foreign Affairs and Security Policy, Josep Borrel, warned that more Russian banks will be disconnected from Society for Worldwide Interbank Financial Telecommunications (SWIFT) payment system. Speaking to reporters in Panama, Borrell informed this without sharing specific details, "I cannot disclose names or number of financial institutions now. And in energy sector, we are looking for measures that would significantly affect import of Russian oil," he ded, as per Sputnik. Notably, SWIFT is used by different financial institutions to send and receive information, such as instructions for cross-border money transfers. 

According to Borrel, EU Political and Security Committee is working on sixth package of monetary sanctions against Kremlin and he hoped it can be agreed upon at upcoming meeting of Foreign Affairs Council. It was previously reported that EU planned to impose a ban on Russian oil imports by end of year.  EU imposed five sets of sanctions against Russian individuals, organisations, banking sector, and energy since onset of war on February 24.

Russia's Central Bank introduces new payment system called 'HELLO'

Russian Central Bank's reserves were also impacted by embargoes as several Russian banks have been cut off from SWIFT payment system. Last month, Central Bank of Russia (CBR) registered a new payment system called HELLO to national register of credit institutions amid mounting sanctions.  system's payment infrastructure services will be operated by Russian commercial bank TransKapitalBank.  HELLO payment system is a collection of payment services and institutions that makes money transfers easier. 

'Discussion on draft of possible treaty between Russia & Ukraine underway': Lavrov

It is pertinent to mention here that several countries across world have imposed numerous sanctions on Russia for its unjustified attack on Ukraine. Meanwhile,  Russian Foreign Affairs Minister Sergey Lavrov claimed that delegations of both nations are discussing  draft of a possible treaty via videoconferencing on a daily basis.  Russian minister outlined that resolution of Ukrainian situation will enable a significant contribution to de-escalation of military-political tensions in Europe. For this, one of ideas being considered is establishment of a guarantor state institution which would include  permanent members of UN Security Council including Russia and China, he ded.

Image: AP/Shutterstock