Western allies have agreed to remove selected Russian banks from the SWIFT global financial messaging system
The statement listed a number of financial sanctions which it said would be implemented"within the coming days".•"Restrictive measures" preventing the Russian Central Bank from"deploying its international reserves in ways that undermine the impact of our sanctions"
Allies had considered throwing Russia out of the system after Russia invaded and annexed Crime in 2014 - something Russia said would be seen as a declaration of war. Among Western countries, the US and Germany would stand to lose the most from such a move, as their banks are the most frequent SWIFT users with Russian banks, according to Maria Shagina at the Carnegie Moscow Center, a think-tank.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ukraine conflict: What is Swift and why are leaders divided on banning Russia?The UK wants Russia banned from the Swift financial network, but other countries are resisting.
Read more »
Swift action at last brings meaningful sanctions against Putin regimeSelected Russian banks are banned from global payments system, while Russian central bank will find it harder to spend $500bn war chest
Read more »
Swift: EU leaders line up to back banning Russia from banking networkFrance, Italy, Greece, Cyprus and Hungary express support for financial measure pursued by UK
Read more »
Russia SWIFT exclusion ‘will come and it has to come’We spoke to German MEP David McAllister and began by asking him what took Germany so long to agree to Russia’s exclusion from the SWIFT banking message network.
Read more »