The SWIFT ban is one of several restrictive financial measures targeting Russia — here are others announced at the same time

Western allies have levied harsher economic measures against Russia in response to the invasion of Ukraine.

The European Commission announced four additional courses of action after the US, EU, UK, Canada, and other Western allies decided to expel Russian banks from the global banking system.

The European Commission released a statement on Saturday stating that some Russian banks will be removed from the international payment network in order to ensure that the war is a failure for Putin.

SWIFT is a global communication system for banks to chat about cross-border transactions. Ben Winck reported that removing Russia could be catastrophic.

In the Saturday statement, the Western allies said the move will target selected Russian banks in order to ensure that they are disconnected from the international financial system.

The war against Ukraine is a strategic failure for Putin according to the financial measures listed.

Here is what they include.

Restrictions against the Russian Central Bank 

The European Commission statement said that the Western allies will impose restrictive measures to prevent the Russian Central Bank from using its international reserves in ways that undermine the impact of our sanctions.

The President of the European Commission, Ursula von der Leyen, said that the sanction will make it impossible for the central bank of Russia.

Curb the sale of "golden passports" 

Russia's wealthiest will be targeted through the limitations ongolden passport citizenship sales. Rich individuals can invest in a country in exchange for citizenship on such passports.

We commit to taking measures to limit the sale of citizenship, so called golden passports, that let wealthy Russians connected to the Russian government become citizens of our countries and gain access to our financial systems.

The launch of a transatlantic task force 

The Western allies vowed to initiate a force to ensure the effective implementation of their financial sanctions against Russia.

Identifying and freezing the assets of individuals and companies will be done.

We will engage other governments and work to detect and disrupt the movement of ill-gotten gains, and to deny these individuals the ability to hide their assets in jurisdictions across the world.

Clamp down on disinformation 

The last measure said that the Western allies will increase their coordination against hybrid warfare.

According to the statement, all measures will be implemented within the coming days to prevent Russia from being in the international financial system.