More Russian banks will leave the SWIFT payment network, according to an EU official - AFP News

According to the European Union’s top diplomat, Josep Borrell, "In the banking field, more Russian banks are expected to exit the global SWIFT payment network

May 03, 2022 - 11:02 AM 263 views

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According to the European Union’s top diplomat, Josep Borrell, "In the banking field, more Russian banks are expected to exit the global SWIFT payment network, reported by AFP news outlet." Furthermore, he added, more Russian banks are being popped off the SWIFT global network as part of a new EU sanctions package over Russia’s invasion of Ukraine.

This discussion comes when the European Commission (EU) is willing to propose this week the sixth package of EU sanctions against Russia, which invaded Ukraine on an embargoed purchase of Russian oil.

The Market Reaction

The EUR/USD pair trades restlessly above 1.0500, which adds 0.11% in a day. Amid the pre-Fed anxiety, the pair trades in a bearish consolidative mode and smells calm.

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