Western nations announced Saturday that select Russian banks will be removed from the SWIFT banking system, according to a joint statement released that evening that vowed to ensure that this war is a strategic failure for Putin.
The agreement was struck by the United States, the European Union, Canada, and the United Kingdom.
The agreement commits to impose restrictive measures that will prevent the Russian Central Bank from using its international reserves in ways that undermine the impact of our sanctions.
As Russian forces unleash their assault on Kyiv and other Ukrainian cities, we are determined to continue imposing costs on Russia that will further isolate it from the international financial system and our economies.
The neutral platform for banks to chat about financial transfers, transactions, and trades was launched in 1973. Russia's removal from the system could be catastrophic for the nation.
There are more than 11,000 financial institutions that are LINKED to SWIFT. It hosted 42 million messages a day in 2021.
Germany's foreign minister said as recently as Friday that she did not believe a ban was the best course of action.
The new measures will begin within the coming days, according to Saturday's statement.
As Russian forces unleash their assault on Kyiv and other Ukrainian cities, we are determined to continue imposing costs on Russia that will further isolate it from the international financial system and our economies.
This is not a finished story. You can check back for updates.
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