‘Selected’ Russian banks to be removed from SWIFT global banking network, as sanctions against Moscow grow
Categories: Crypto News
The White House on Saturday said that the U.S., EU, U.K. and Canada have pledged to remove ‘selected’ Russian banks from the SWIFT interbank messaging network, increasing sanctions on Moscow in the third day of its unprovoked invasion of Ukraine.SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication, is a payments-related messaging service based in Belgium that helps banks world-wide execute financial transactions. Last week, President Joe Biden had said that SWIFT sanctions remained an option but suggested there was some European resistance to Russia’s removal from the network, when asked by reporters following his Thursday speech.Saturday’s statement indicated that additional restrictions would also see to “prevent the Russian Central Bank from deploying its international reserves in ways that undermine the impact of our sanctions.” The joint statement also said that leaders would assemble a task force to ensure the implementation of financial sanctions against individuals and companies “that exist within our jurisdictions.”Some have worried that removing Russia from SWIFT could create economic problems among the many other countries that use the important payment messaging network.