West to cut some Russian banks off from Swift

The EU, US and their allies have agreed to cut off a number of Russian banks from the main international payment system.

The German government spokesman said that this was intended to cut off these institutions from international financial flows.

Swift is used for Russia's oil and gas exports.

Western businesses doing business with Russia could be hurt by the move.

Swift is a secure messaging system that makes it possible to make fast, cross-border payments.

The banks that will be affected are those that have already been approved by the international community, as well as other institutions, if necessary, according to the German spokesman.

Ursula von der Leyen, president of the European Commission, said the allies would stop Russia from using its war chest by paralysing the assets of its central bank. They agreed to prevent the central bank from liquidating its assets.

The US, UK, Europe and Canada agreed on the measures.

Since the invasion of Ukraine, Russia has been hit with sanctions.

More details will be published shortly. The page needs to be refreshed for the full version.

You can get breaking news on your phone or computer. You can get the latest news on the micro-blogging site.