As Western allies levy increasingly harsher economic sanctions against Russia for its invasion of Ukraine, the latest target involves Russia's access to SWIFT - a messaging system that allows large financial institutions to send money to each other.
President Vladimir Putin has ordered Russian nuclear deterrent forces on alert amid tensions with the West over his invasion of Ukraine. Chantee Lans has the latest developments.
A senior White House official told reporters Saturday that the European Union will finalize which specific banks are cut off from SWIFT, since it is under Belgian jurisdiction. I will not be diplomatic on this. Everyone who now doubts whether Russia should be banned from SWIFT has to understand that the blood of innocent Ukrainian men, women and children will be on their hands too. BAN RUSSIA FROM SWIFT.Some experts believe that sanctioning banks in the way the U.S. and allies have done so far is an effective way of freezing Russian assets. If there is no money to move, the messaging system becomes moot.
The senior White House official said Saturday officials are trying to minimize the impact of the latest restrictions on other economies. EU finance ministers said in a statement Friday that"all options are on the table" as they weighed further financial sanctions against Russia. On Thursday, President Joe Biden said the sanctions on Russian banks may have"more consequence than SWIFT," though also noted"it is always an option."
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia-Ukraine live updates: Ukraine says Russia will be disconnected from SWIFTGerman Chancellor Olaf Scholz announces Germany is dropping its historic position of not providing lethal military aid to conflict zones, saying Russia's 'invasion marks a turning point.'
Read more »
U.S. and EU agree to remove select Russian banks from SWIFTThe U.S. earlier on Friday joined the EU and U.K. in sanctioning Vladimir Putin directly.
Read more »
White House, EU announce expulsion of 'selected Russian banks' from SWIFTRussian President Vladimir Putin announced a military operation in Ukraine early Thursday. A battle is underway for control of Ukraine's capital, Kyiv. The US has warned Russia is seeking to encircle the city, and a Ukrainian official said it has been hit by missiles. Follow here for live news updates from the ground in Ukraine.
Read more »
EU, UK, Canada, US Pledge to Remove Selected Russian Banks From Interbank Messaging System SWIFTSWIFT is an independent enterprise based in Belgium that serves as an internal messaging system between more than 11,000 banks and financial institutions in over 200 countries and territories. WASHINGTON —The United States, European allies and Canada agreed Saturday to remove key Russian banks from the interbank messaging system, SWIFT, an extraordinary step that will sever the country from much…
Read more »
US, EU, UK agree to remove selected Russian banks from SWIFTWASHINGTON (AP) — The United States, 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.
Read more »
US, EU governments pledge to remove 'selected' Russian banks from SWIFT networkThe United States and the European Union have announced a plan to cut out a group of as-yet-to-be-named Russian banks from the international payments messaging system SWIFT.
Read more »