The United States and the European Union have announced a plan to cut out a group of as-yet-to-be-named Russian banks from the international payments messaging system SWIFT.
The group -- comprised of"the European Commission, France, Germany, Italy, the United Kingdom, Canada, and the United States" according to a Saturday statement -- announced the move after days of growing speculation that such a move was in play amid Russia's invasion of Ukraine. In a sign of the fast-evolving situation, even two days ago sources were telling major newswires that such a move was unlikely.
The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is a messaging network for payment orders that connects thousands of financial institutions worldwide. According to a Friday report by Al Jazeera, more than 300 financial institutions in Russia are connected to SWIFT., the group said that"we commit to ensuring that selected Russian banks are removed from the SWIFT messaging system.
Additionally, the group pledged actions against the Russian central bank."[W]e commit to imposing restrictive measures that will prevent the Russian Central Bank from deploying its international reserves in ways that undermine the impact of our sanctions." Other actions, including"measures to limit the sale of citizenship" to wealthy Russian citizens, were also promised.As The Block reported Saturday, the Ukrainian government has
to help fund its war effort. As of press time, the published donation addresses have accrued more than $4 million worth of bitcoin, ether and other Ethereum-based assets.
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