Russian banking giants, Sberbank und Gazprom Bank, are excluded. The ban will only come into effect in ten days,

 which will allow the Russians to reorganise their banking system, and we presume, re-route payments through banks that are not affected by the sanctions. 

What this means is that the Swift ban falls into the SINO category: sanctions in name only. 

The EU is cheering on the Ukrainian side from a safe distance, watching from warm living rooms, heated by Russian gas.

Mish 3 March 2022

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