Germany and its Western allies agreed Saturday to chop “chosen” Russian banks out of the SWIFT world fee system.
The transfer is a part of a brand new spherical of sanctions concentrating on Russia over its invasion of Ukraine.
The US, EU and UK additionally agreed to impose ”restrictive measures” on Russia’s Central Financial institution.
The measures have been introduced collectively and mark a serious escalation of sanctions towards Moscow.
“It will be certain that these banks are disconnected from the worldwide monetary system and hurt their skill to function globally,” European Fee President Ursula von der Leyen stated after a videoconference with the leaders of the US, Germany, France, Italy and Canada.
“All of those measures will considerably hurt Putin’s skill to finance his struggle and they’ll have a severely eroding affect on his economic system,” she stated. “Putin launched into a path aiming to destroy Ukraine, however what he’s additionally doing in truth is destroying the way forward for his personal nation.”
The SWIFT monetary system strikes billions of {dollars} round greater than 11,000 banks and different monetary establishments worldwide each day.
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nm/lo (Reuters, AFP, AP)