European banks stop receiving SWIFT payments from Russia

European banks have stopped receiving SWIFT transfers from Russian banks en masse amid tougher sanctions against Russia, Report informs, citing Izvestia.

Thus, S-BANK has started preventing such operations since the war began in Ukraine, and LHV Bank made the last payment from Russia at the end of August this year.

The publication noted that now Russian citizens make complaints about failure in SWIFT transfers to European banks have begun.

Funds are returned to the account by the bank. Moreover, it can take anywhere from two to 26 days. A commission is also charged to the client. According to reports, sometimes money simply "disappears".