EU cuts Russian banks from SWIFT, bans RT, Sputnik

The list did not name Russia's biggest bank Sberbank or another significant one, Gazprombank, in order to allow EU countries to pay for Russian gas and oil deliveries.

The European Union on Wednesday cut seven Russian banks from the SWIFT payment system and banned Kremlin-controlled media outlets RT and Sputnik from broadcasting into the bloc.

The measures, effective immediately, were the latest ratcheting up of the Western-coordinated sanctions on Russia for its invasion of Ukraine, now in its seventh day.

"At the speed of light, the European Union has adopted three waves of heavy sanctions against Russia's financial system, its high-tech industries and its corrupt elite," European Commission chief Ursula von der Leyen said in a statement.

The cumulative punishment over the past week, also targeting Russian President Vladimir Putin, ministers and oligarchs supporting his rule as well as Russia's central bank, has already caused Russia's economy to buckle.

But so far there is no sign of it deterring Putin from an escalation of his war.

And EU officials said the sanctions — as well as Russian countermeasures — would inevitably also hit the bloc's economy, though to a lesser degree.

Wednesday's latest sanctions, signalled since the weekend, exclude listed banks from the global SWIFT interbank messaging network which allows for quick and secure transactions.