In a statement the SWIFT international payments system said, it was preparing to implement new sanction measures by Western countries targeting select Russian banks in coming days.

“We are engaging with European authorities to understand the details of the entities that will be subject to the new measures and we are preparing to comply upon legal instruction,” said SWIFT in a statement.

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Tags: authorities, banks, compliance, comply, details, EU, European, implement, international payments system, legal instruction, new sanction, Russia, Russian, SWIFT