According to the Russian newspaper Izvestia reported on June 24, 2022, many Russian banks have suspended the opening of savings accounts in US dollars and euros, and restricted deposits in US dollars and euros.

The Russian central bank pointed out that it is impossible to open a foreign currency account at present. Since June 9th, the savings accounts in Euro and USD have been unavailable, and it is still unknown when they will be restored.

A number of Russian banks said that due to the increased risk of freezing funds caused by western sanctions, Russian banks could not invest in dollars and euros anywhere.

After the conflict between Russia and Ukraine, the United States and the West launched several rounds of sanctions against Russia. On February 26th, the United States, the European Union, the United Kingdom and Canada issued a joint statement, announcing that several major Russian banks were prohibited from using the SWIFT international settlement system as the latest sanctions against Russia, and at the same time, "restrictive measures" were taken against the Russian central bank to prevent the Russian central bank from allocating its international reserves in a way that might undermine the sanctions.

According to a joint statement issued by several countries, the latest sanctions will ensure that Russian banks are cut off from the international financial system and "damage their ability to operate globally". This means that Russian banks will not be able to communicate safely and effectively with overseas banks.

SWIFT was founded in 1973 and headquartered in Brussels, Belgium. It is a non-profit cooperative organization among international banks, responsible for managing the SWIFT system and providing safe financial information transmission services for banks and other financial institutions and enterprises.

Cutting off the connection between financial institutions and the SWIFT system is actually cutting off the connection between financial institutions and the global banking system. If financial institutions can't use the SWIFT system, they can't make cross-border payments, which will affect international trade.