Printed on Mon Sep 26 2022 6:07:05 PM

EU, U.K., Canada, U.S. Plan to Cut Some Russian Banks From Swift

International desk
Germany and its Western allies agreed to cut "selected" Russian banks out of the SWIFT global payment system.

The move is part of a new round of sanctions targeting Russia over its invasion of Ukraine.

The US, EU, and the UK also agreed to impose ''restrictive measures'' on Russia's Central Bank.

The measures were announced jointly and marked a major escalation of sanctions against Moscow.

"This will ensure that these banks are disconnected from the international financial system and harm their ability to operate globally," European Commission President Ursula von der Leyen said after a videoconference with the leaders of the US, Germany, France, Italy, and Canada.

"All of these measures will significantly harm Russian President Vladimir Putin's ability to finance his war and they will have a severely eroding impact on his economy," she said.
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