The U.S., European Union, and United Kingdom have agreed to block “selected” Russian banks from the SWIFT global financial messaging system.
The U.S., European Union, and United Kingdom have agreed to block “selected” Russian banks from the SWIFT global financial messaging systemThe U.S., European Union, and United Kingdom on Saturday agreed to block “selected” Russian banks from the SWIFT global financial messaging system and to impose ”restrictive measures” on its central bank in retaliation for its invasion of Ukraine.
Saturday’s move includes cutting key Russian banks out of the SWIFT financial system, which daily moves countless billions of dollars around more than 11,000 banks and other financial institutions around the world. The U.S. has succeeded before in persuading the Belgium-based SWIFT system to kick out a country — Iran, over its nuclear program. But kicking Russia out of SWIFT would also hurt other economies, including those of the U.S. and key ally Germany.
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