It’s perhaps the toughest sanction the West has levied against Russia: Around 70 percent of its banks and financial institutions have been cut off from SWIFT – the system used by banks to send money across borders.
Many banks in the US, the EU and the UK have given loans to Russian firms, who can now no longer service them. It’s unclear exactly how much banks have loaned to Russian companies, but experts put the number in the tens of billions of euros.
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