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West to cut some Russian banks off from Swift

BBC 3 hours ago

The EU, US and their allies have agreed to cut off a number of Russian banks from the main international payment system, Swift.

The assets of Russia's central bank will also be frozen, limiting Russia's ability to access its overseas reserves.

The intention is to "further isolate Russia from the international financial system", a joint statement said.

Russia is heavily reliant on the Swift system for its key oil and gas exports.

The joint sanctions are the harshest measures imposed to date on Russia over its invasion of Ukraine.

Swift, or the "Society for Worldwide Interbank Financial Telecommunication", is a secure messaging system that makes fast, cross-border payments possible, enabling international trade.

☆ The joint sanctions against a war criminal have started.