US and Western allies remove “selected” Russian banks from SWIFT

A sign outside the headquarters of the World Bank Interbank Financial Communications Association (SWIFT) in Telfurpen, near Brussels, Belgium, on February 25, 2022. (Via James Arthur Gequier / Bergamag / AFP, Getty Images)

The United States, the European Union, and other Western allies have announced that in retaliation for Russia’s attack on Ukraine, certain Russian banks will be separated from the SWIFT international payment system and restrictions will be placed on Russia’s central bank.

Banks use the SWIFT system to settle cross-border payments and are considered essential for financing international trade.

In a joint statement, the United States and the EU, as well as France, Germany, Italy, the United Kingdom and Canada “promise to ensure that selected Russian banks are removed from the SWIFT messaging system.”

“This separates these banks from the international financial system and undermines their ability to operate globally.”

They also “promise to impose restrictions to prevent the Central Bank of Russia from developing foreign exchange reserves in a way that undermines the effects of our sanctions.”

The United States and its allies are also trying to limit the sale of citizenship that allows Russians detained by the Kremlin to become citizens of their own country, making them inaccessible to their financial system.

The group has also established a “Transatlantic Task Force” within its jurisdiction to implement the financial sanctions it has previously imposed on Russia “by identifying and freezing the assets of sanctioned individuals and businesses.” I plan to raise it.

“Finally, we step up or coordinate to combat disinformation and other forms of hybrid warfare.”

This story is developing. Check for the latest information.

Mimi Nguyen Lee


Mimi Nguyen Ly is a reporter who covers world news with a focus on US news. She is based in Australia and has a background in clinical optometry. Contact Mimi at [email protected]