U.S., UK, Europe, Canada to block Russian access to SWIFT
The United States, Britain, Europe, and Canada on Saturday (February 26) moved to block certain Russian banks' access to the SWIFT international payment system as part of more sanctions against Moscow as it continues its assault against Ukraine.
The measures, which will also include restrictions on the Russian central bank's international reserves, will be implemented in the coming days, the nations said in a joint statement that also vowed further action to come.
"As Russian forces unleash their assault on Kyiv and other Ukrainian cities, we are resolved to continue imposing massive costs on Russia. Costs that will further isolate Russia from the international financial system and our economies," said Ursula von der Leyen, president of the European Commission, the European Union's executive.
Cutting Russian banks out of the SWIFT system will stop them from conducting most of their financial transactions worldwide and effectively block Russian exports and imports, she said.
Reuters
