The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
SWIFT Disconnects Designated Russian, Belarusian Entities from Network
In compliance with applicable sanctions laws and conforming to legal instructions issued by the European Union, SWIFT disconnected selected banks from its financial messaging services in March 2022.
In compliance with applicable sanctions laws and conforming to legal instructions issued by the European Union, SWIFT disconnected selected banks from its financial messaging services in March 2022.
Based on EU Council Regulation (EU) 2022/345 of 1 March 2022, SWIFT disconnected seven designated Russian entities (and their designated Russia-based subsidiaries) from the SWIFT network on 12 March 2022:
Bank Otkritie;
Novikombank;
Promsvyazbank;
Bank Rossiya;
Sovcombank;
VNESHECONOMBANK (VEB); and
VTB BANK.
Based on EU Council Regulation (EU) 2022/398 of 9 March 2022, SWIFT disconnected three Belarusian entities (and their designated Belarus-based subsidiaries) from its network on 20 March 2022:
