The US, EU, and the UK joined forces in excluding selected Russian banks from the SWIFT global payment system.
By cutting off a series of Russian banks from the world’s chief payment system, the West has imposed “restrictive measures” targeting the Russian government and the country’s oligarchs.
It is believed that the joint effort will limit the Russian Central Bank’s ability to use its international reserves to fund Putin’s war chest and continue waging war against Ukraine.
“As Russian forces unleash their assault on Kyiv and other Ukrainian cities, we are resolved to continue imposing massive costs on Russia that will further isolate Russia from the international financial system and our economies,” EU Commission president Ursula von der Leyen said.
“In co-ordination with President Biden, President Macron, Chancellor Olaf Scholz and Prime Minister Draghi as well as Prime Minister Trudeau and Prime Minister Johnson, we considered a significant tightening of our international response.
“The European Union and its partners are working to cripple Putin’s ability to finance his war machine.”
Meanwhile, the news was also confirmed by Biden and the White House.
The statement on the matter read: “We, the leaders of the European Commission, France, Germany, Italy, the United Kingdom, Canada, and the United States condemn Putin’s war of choice and attacks on the sovereign nation and people of Ukraine.
“And with the Ukrainian government and the Ukrainian people in their heroic efforts to resist Russia’s invasion. Russia’s war represents an assault on fundamental international rules and norms that have prevailed since the Second World War, which we are committed to defending. We will hold Russia to account and collectively ensure that this war is a strategic failure for Putin.
“This past week, alongside our diplomatic efforts and collective work to defend our own borders and to assist the Ukrainian government and people in their fight, we, as well as our other allies and partners around the world, imposed severe measures on key Russian institutions and banks, and on the architects of this war, including Russian President Vladimir Putin.
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The statement adds: “We commit to ensuring that selected Russian banks are removed from the SWIFT messaging system. This will ensure that these banks are disconnected from the international financial system and harm their ability to operate globally.
“Second, we 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.
“Third, we commit to acting against the people and entities who facilitate the war in Ukraine and the harmful activities of the Russian government. Specifically, we commit to taking measures to limit the sale of citizenship-so called golden passports-that let wealthy Russians connected to the Russian government become citizens of our countries and gain access to our financial systems.”
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