EU approves cutting seven Russian banks off SWIFT

G7 agreed on need for coordinated sanctions against Russia, Venezuela supports Russian actions.

 Russian President Vladimir Putin speaks about putting nuclear deterrence forces on high alert, in this still image obtained from a video, in Moscow, Russia, February 27, 2022. (photo credit: Russian Pool/Reuters TV via REUTERS ATTENTION EDITORS)
Russian President Vladimir Putin speaks about putting nuclear deterrence forces on high alert, in this still image obtained from a video, in Moscow, Russia, February 27, 2022.
(photo credit: Russian Pool/Reuters TV via REUTERS ATTENTION EDITORS)

EU Representatives approved a list of seven Russian banks that will be disconnected from the global payment system SWIFT, the banks sanctioned are - VTB, VEB. Russia, Promsvyazbank, Sovcombank, Rossiya, Otkritie and Novikombank.

Russian President Vladimir Putin and Venezuelan President Nicolas Maduro discussed increasing a strategic partnership between Russia and Venezuela in a phone call on Tuesday, the Interfax news agency reported, citing the Kremlin.

They also discussed the situation in Ukraine, and Maduro expressed support for Russia, the Kremlin was quoted as saying by Interfax.

Financial leaders from the Group of Seven economies agreed on Tuesday that coordinated implementation of sanctions against Russia was vital to secure their effectiveness, Japanese Finance Minister Shunichi Suzuki said.

Suzuki told reporters after attending the G7 finance chiefs gathering online that Ukraine's finance minister had joined the meeting and had expressed "candid views" about the severe situation in the country in the wake of Russia's invasion of its southwestern neighbor.

Mexico's President Andres Manuel Lopez Obrador said on Tuesday that Mexico will not take any economic sanctions against Russia for invading Ukraine, and he criticized alleged censorship of Russian state-sponsored media by social media companies.