The EU announces expulsion of 7 Russian banks from SWIFT, sanctions include cryptocurrency and Belarus.

The European Union announced at a meeting on the 2nd that it will impose sanctions on 7 banks in Russia, with the two largest Russian banks not included on the list. The EU finance ministers stated that sanctions against Russia will include cryptocurrencies, and the scope of sanctions will expand to Belarus.

After discussions among the 27 EU member states, it was announced on the 2nd that 7 Russian banks will be removed from the SWIFT cross-border payment system, with the effective date set for the 12th. The 7 banks include Russia's second-largest bank, VTB Bank, Bank Otkritie, Novikombank, Promsvyazbank, Bank Rossiya, Sovcombank, and VNESHECONOMBANK.

Initially, it was expected that Sberbank, Russia's largest state savings bank, and Gazprombank, a top financial institution in the energy sector, would be the main targets of sanctions, but they were not included in the final list.

Due to the sharp depreciation of the ruble and the closure of the stock market, VTB Bank, which is listed in the UK, continued to trade as usual, with its stock price plummeting by 50%.

French Finance Minister Bruno Le Maire stated that the EU has made efforts to freeze a significant amount of assets of the Russian central bank, and the sanctions will remain "flexible and agile."

Le Maire specifically mentioned that the EU will take measures regarding cryptocurrencies and crypto assets to prevent Russia from using them to evade financial sanctions.

According to Reuters, German Finance Minister Christian Lindner agreed with Le Maire's opinion, stating that the EU should take measures to prevent Russian individuals and banks from turning to unregulated crypto assets, "even though the war and sanctions may affect Europe's energy prices and supply chains, the EU is prepared."