Western nations agree to disconnect Russian banks from SWIFT

BERLIN: The United Kingdom, Germany, Italy, Canada, the United States, France and the European Commission agreed to impose new "tough f...


BERLIN: The United Kingdom, Germany, Italy, Canada, the United States, France and the European Commission agreed to impose new "tough financial sanctions" on Russia, including disconnecting some of its banks from the SWIFT system, German government spokesman Steffen Hebenstreit told reporters on Saturday.

"All Russian banks, who are already under international sanctions, as well as other Russian banks if necessary, will be disconnected from SWIFT," he said.

Russian President Vladimir Putin said in a televised address on February 24 that in response to a request by the heads of the Donbass republics he had made a decision to carry out a special military operation in order to protect people "who have been suffering from abuse and genocide by the Kiev regime for eight years." The Russian leader stressed that Moscow had no plans of occupying Ukrainian territories. Its objectives are demilitarization and denazification of the country.

After the announcement, the United States, the European Union, the United Kingdom and some other countries announced they were imposing sanctions on Russian officials and individuals.

The European Union is set to disconnect several Russian banks from the international SWIFT system, European Commission President Ursula von der Leyen said on Saturday.

"We commit to ensuring that a certain number of Russian banks are removed from SWIFT," she said.

In her words, the move would efficiently block Russian imports and exports.

The United States, the United Kingdom, Germany, Italy, Canada, France and the European Commission have agreed to disconnect several Russian banks from the SWIFT international interbank system, the countries said in a joint statement.

"As Russian forces unleash their assault on Kyiv and other Ukrainian cities, we are resolved to continue imposing costs on Russia that will further isolate Russia from the international financial system and our economies. We will implement these measures within the coming days," the statement says.

"Specifically, we commit to undertake the following measures: first, 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," the document says.

-News Feed

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Local Glob: Western nations agree to disconnect Russian banks from SWIFT
Western nations agree to disconnect Russian banks from SWIFT
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