Slashdot: US, UK and Top EU Allies Begin Cutting Russia Out Of International Financial System SWIFT

US, UK and Top EU Allies Begin Cutting Russia Out Of International Financial System SWIFT
Published on February 27, 2022 at 04:07AM
The Huffington Post reports on "the most drastic financial sanction yet on Russian President Vladimir Putin: The United States and key allies will cut Russian banks out of the global financial messaging system SWIFT and begin to target Russia's central bank, according to a White House statement on Saturday... The statement said the U.S., top European economies, Britain, and Canada would disconnect selected Russian banks from SWIFT, which will severely hurt their ability to operate internationally, and prevent Russia's central bank from using its foreign currency reserves to evade Western sanctions. The pro-Ukraine countries will also make it harder for wealthy Russians to obtain Western citizenship and launch a task force to freeze the assets of Russian elites — a bid to pressure Putin by hurting his friends.... It represents a significant escalation by America's European partners, many of whom worry about the economic toll their own countries will experience if they cut off ties with Russia.

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