Sanctions Loophole: SWIFT Exemption Europe Lets Itself Pay for Russian Gas

"As the European Union looks to ban several banks from the SWIFT financial system, a bank
linked to the sale of Russian gas is said to be exempt from the ban.

However, at least two Russian banks will reportedly be exempt from the sanctions, including Gazprombank, the bank partially owned by Russia’s major energy corporation Gazprom, Bloomberg reports.

Gazprombank is said to be a “key bank for Russia’s energy conglomerates,” according to Bloomberg, which could exclude Russian energy from the proposed sanctions.

Sberbank, Russia’s largest bank that holds around half of the deposits in Russia and has over a hundred million customers and clients, is also exempt from the SWIFT ban." Breitbart