Europe, the United States and Canada to ban Russian banks from the Swift system | Ukraine and Russia

The leaders of the European Commission, France, Germany, Italy, the United Kingdom, Canada and the United States indicated on Saturday evening (26) that they should extend restrictions against Russia .

The announcement was made by European Commission President Ursula von der Leyen and reinforced by the White House through a joint statement.

In the document released by the White House, the countries announced that certain banks in Russia were to be removed from the Swift system – a system that allows the rapid transfer of money between countries.

Know what Swift is

“This will ensure that these banks are disconnected from the international financial system and will compromise their ability to operate globally,” the countries said.

With the Swift blockade, Russian banks will be prevented from carrying out most of their financial transactions, which will harm Russian exports and imports.

The countries also announced that they would impose restrictive measures to prevent the Central Bank of Russia from using its international reserves “in a way that undermines the impact of our sanctions”.

The leaders also pledged to limit the sale of citizenship – the so-called golden passports. These passports allow Russians linked to the local government to become citizens of these countries and access their financial systems.

The measures are expected to be put in place in the coming days, according to the statement.

European Union foreign ministers are due to discuss the sanctions package in a virtual meeting on Sunday evening.

Elmer Hayward

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