Western allies to cut off Russian banks from Swift: ‘Massively restrict global operations’

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Russia heavily relies on Swift (Society for Worldwide Interbank Financial Telecommunication) for its oil and gas exports, but the move could cause financial damage to Western companies doing business with Russia. A German government spokesman told the BBC: “This is intended to cut off these institutions from international financial flows, which will massively restrict their global operations.”

The spokesperson continued to add that the banks set to be affected are “all those already sanctioned by the international community, as well as other institutions, if necessary.”

The latest measures were agreed by the US, UK, Europe and Canada.

Ursula von der Leyen, President of the European Commission, said the move would stop Russia from “using its war chest” by paralysing assets of its central bank.

The spokesperson continued to add that the banks set to be affected are “all those already sanctioned by the international community, as well as other institutions, if necessary.”

Putin's diplomacy over Ukraine was a 'charade' says PM

The latest measures were agreed by the US, UK, Europe and Canada.

Ursula von der Leyen, President of the European Commission, said the move would stop Russia from “using its war chest” by paralysing assets of its central bank.

In a statement posted on Saturday night, Boris Johnson hailed the measures taken by the other Western leaders.

He said: “We have taken decisive action tonight with our international partners to shut Russia out of the global financial system, including the important first step of ejecting Russian banks from SWIFT.

“We will keep working together to ensure Putin pays the price for his aggression.”

In a joint statment, leaders of the United States, the European Commission, France, Germany, Italy, the United Kingdom and Canada said: “We stand with the Ukrainian government and the Ukrainian people in their heroic efforts to resist Russia’s invasion.

“Russia’s war represents an assault on fundamental international rules and norms that have prevailed since the Second World War, which we are committed to defending.

“We will hold Russia to account and collectively ensure that this war is a strategic failure for Putin.”

He concluded: “We stand with the Ukrainian people in this dark hour.

“Even beyond the measures we are announcing today, we are prepared to take further measures to hold Russia to account for its attack on Ukraine.”

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