UKRAINE LATEST: The WhiteHouse says the U.S., EU and UK have pledged to remove 'selected' Russian banks from SWIFT, impose restrictions on Russian central bank.
The United States, European Union and United Kingdom on Saturday agreed to put in place crippling sanctions on the Russian financial sector, including a block on its access to the global financial system and, for the first time, restrictions on its central bank in retaliation for its invasion of Ukraine.
Saturday’s move includes cutting key Russian banks out of the SWIFT financial messaging system, which daily moves countless billions of dollars around more than 11,000 banks and other financial institutions around the world. The fine print of the sanctions was still being ironed out over the weekend, officials said, as they work to limit the impact of the restrictions on other economies and European purchases of Russian energy.
The disconnection from SWIFT announced by the West on Saturday is partial, leaving Europe and the United States room to escalate penalties further later. Getting the EU on board for sanctioning Russia through SWIFT had been a tough process since EU trade with Russia amounted to 80 billion euros, about 10 times as much as the United States, which had been an early proponent of such measures.
The group also announced the formation this week of a transatlantic task force to ensure that these and other sanctions on Russia are implemented effectively through information sharing and asset freezes.
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