SWIFT logoWASHINGTON Feb 27 The EU continues to work on the list of Russian banks to disconnect from SWIFT The White House said. «The process is ongoing, the EU will determine the final list of banks that will be disconnected from the SWIFT system,» a senior US administration official said during a special telephone briefing. Banks already under sanctions are considered first, the official said. He stressed that the European Union will determine the final list. On February 21, Russian President Vladimir Putin signed decrees recognizing the sovereignty of the Donetsk and Lugansk People's Republics, and on February 24, Russia launched a special military operation to demilitarize Ukraine. In response, Western countries began a new round of the sanctions spiral, which has been unwinding since 2014. Several of the largest banks in the Russian Federation, including Sberbank and VTB, fell under the new restrictions. A number of state-owned companies found it difficult to attract foreign capital. Sanctions have been imposed on the supply of high-tech products to Russia. Germany has stopped certification of the Nord Stream 2 gas pipeline. Britain closed flights for Aeroflot. Russian authorities said they had prepared a plan of action in advance in case of a new wave of sanctions and would provide any necessary support to businesses that fell under the restrictions, ensuring the smooth operation of the economy. The Russian authorities are also working on retaliatory measures, but the details are not yet known. The response measures taken to date include a ban on overflights by British airlines over Russia.
