US, allies to kick certain Russian banks out of SWIFT banking system
| The White House on Saturday announced that the United States and allies will kick certain Russian banks out of a major international banking system, a significant step in a bid to cripple the Russian economy in response to the country’s invasion of Ukraine.
The Biden administration and European allies agreed to cut Russia out of access to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a rapid shift from just days ago when it appeared such a move was unlikely in the near future. The U.S. and European nations also committed to imposing measures to prevent the Russian Central Bank from using its reserves to undermine sanctions. |
