Russia-Ukraine War: US, EU and allies agree to kick certain Russian banks out of SWIFT banking system

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As a result of Putin’s ongoing assault on Ukraine, President Biden and the leaders of the European Commission, France, Germany, Italy, the UK, and Canada decided to take specific measures to further isolate Russia from the international financial system.

Continuing our lock step, historic coordination, the Leaders decided disconnect key sanctioned Russian banks from SWIFT, target the Russian central bank, and launch a joint task force to hunt down assets of sanctioned Russian companies and oligarchs.

The Leaders are committing to target the Russian Central Bank, the single most important financial institution in Russia. We are planning to impose measures to ensure Russia cannot use its Central Bank to support its currency and undermine the impact of our sanctions.

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This coming week, we will launch a multilateral Transatlantic task force to identify, hunt down, and freeze the assets of sanctioned Russian companies and oligarchs – their yachts, their mansions, and any other ill-gotten gains that we can find and freeze under the law.

We are also announcing our commitment to take measures to limit the sale of citizenship – so called golden passports – that allow wealthy Russians connected to the Russian government become citizens in certain countries to gain access to our financial systems.

These unprecedented actions build on the swift and severe actions we have taken jointly with allies and partners this week.

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Source: White House

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