The EU and the US will remove certain Russian banks from the Swift system


United States and the European Union (EU), along with other Western partners, agreed this Saturday to remove “certain” Russian banks from the Swift international systema forceful economic measure in response to Russia’s military invasion of Ukraine.

“We are committed to ensuring that certain banks in Russia are removed from the Swift messaging system. EThis will ensure that these banks remain disconnected from the international financial system. and disrupt their ability to operate globally,” said a joint statement released by the White House, and also signed by Canada and the United Kingdom.

The exclusion of Russian entities, whose names are not specified in the statement, from the Society for Global Interbank Financial Telecommunication (Swift, for its acronym in English) comes after intense consultations in recent days between the US and European countriessome of whom had raised their doubts about it.

The Swift transaction system it is the foundation of the global financial system and is used by 11,000 banks in 200 countries or territories to be able to make transfers.

Also, the western allies agreed “impose restrictive measures” against the Central Bank of Russia with the aim of “preventing the use of its international reserves to undermine the impact” of the sanctions.

In a phone call with reporters to explain these sanctions, a White House official, who requested anonymity, stressed that “The effects of these measures will be felt immediately in the Russian financial markets” and pointed out that as a consequence the Russian currency, the ruble, “will go into free fall”.

On the other hand, the Western Allies also committed to act together to “limit the sale of so-called golden passportswhich allow wealthy Russians connected to the Russian government to become citizens and gain access to the financial systems” of the countries that signed the statement.

“We stand with the people of Ukraine in this dark hour,” concluded the document, which points out possible additional sanctions.

After months of tensions, Russia launched a military operation in Ukraine on Thursday that began with bombings in several urban centers and continued with the deployment of troops, so that this Russian military units are tightening the siege on the country’s capital, Kiev.

In reaction to the Russian attack, the US, the EU and the other partners have announced a barrage of economic sanctions against Moscow, including the financial blockade of several of the largest Russian banks as well as the restriction of exports to Russia of Western high-tech products.

Zelenski welcomes the agreement to remove some Russian banks from the SWIFT system

The President of Ukraine, Volodymyr Zelenskytoday thanked the agreement reached between the US and the European Union (EU), along with other Western partners, to remove some Russian banks from the SWIFT international interbank communications system.“It seems that Ukraine has won the sincerity and attention of the whole normal and civilized world. And the practical result: here it is, SWIFT. How much meaning is in this word for the Russian Federation! (It means the) disconnection from the global financial civilization,” Zelensky said in a new video addressed to the nation.

“Our diplomats fought 24 hours a day to inspire all European countries to agree a very strong and fair decision to disconnect Russia from the international interbank networkZelensky said.

“We have this important victory,” he said.

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According to the Ukrainian president, this measure it will mean “billions of losses for Russia”.

Zelenski thought that this is a tangible price for this vile invasion (Russian) Ukraine”.


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