The European Union has decided to exclude seven Russian banks from the Swift payment system. The decision concerns the following banks: Bank Otkritie, Novikombank, Promsvyazbank, Bank Rossiya Bank, Sovcombank, Vnesheconombank (VEB) and VTB Bank. The decision will take effect on 12 March 2022. As of this date, payments will not be transferred to or from these banks.