(Reuters) – Russia’s biggest lender, Sberbank, said Tuesday that new European sanctions will not affect its operations. This was after European Union leaders had agreed to reduce sanctions on a bank already subject to the SWIFT messaging network. On Monday, EU leaders reached an agreement in principle to reduce Russia’s oil imports by 90% and to remove Sberbank from SWIFT. This was in response to Moscow’s “special military operations” in Ukraine. Sberbank released a statement saying that it was continuing its normal operations despite new sanctions. It also stated that they have removed all restrictions to their operation.

Sberbank was sanctioned by the United States on April 11. It has 110 clients and holds one-third Russia’s banking assets. Sberbank said that penalties would have no significant impact on their operations. “The current status in international settlements isn’t changing by SWIFT being cut off.” Russian operations are not dependent on SWIFT, and the bank will continue to operate in standard mode,” Sberbank stated Tuesday.