Access Of Some Russian Banks Has Been Cut Off

While it has been debated for days whether Russia will be removed from the SWIFT system, access of some Russian banks have been cut off.

Discussions on whether Russia will be removed from the SWIFT system, which have been going on for a while, have come to fruition. The European Union and the USA decided to remove some Russian banks from SWIFT and took steps to sever Russia's ties with the international financial system. In a joint statement, the leaders of the European Commission, France, Germany, Italy, the United Kingdom, Canada and the United States, said, "We condemn Putin's election war and his attacks on the sovereign nation and people of Ukraine," and listed the measures which will be taken in the coming days. First, it was reported that some Russian banks will be removed from SWIFT, the interbank messaging system that underpins global financial transactions. This step will prevent the banks involved from making any interbank transactions with an entity outside of Russia. Another measure was to prevent the Central Bank of Russia from using its international reserves in a way that would weaken the effect of sanctions. It was also stated that Russian oligarchs will be prevented from purchasing passports in other countries in order to enter the global financial system. In addition, it was noted that a transatlantic task force will be established to identify and freeze the assets of individuals and companies that are sanctioned in their jurisdictions, and to ensure the effective implementation of sanctions.