World News

US, EU, UK announce plan to remove Russian Banks from SWIFT

Published By Kazeem Ugbodaga

Date 26th February, 2022

Devastation in Ukraine. Photo: (AP Photo/Efrem Lukatsky)

The United States, European Union (EU) and United Kingdom have announced plans to remove some Russian Banks from SWIFT as invasion of Ukraine continues.

The White House in an announcement on Saturday evening, in concert with of the European Commission, France, Germany, Italy, the United Kingdom and Canada, said the US is backing the expulsion of “selected Russian banks” from SWIFT.

SWIFT is the high-security network that connects thousands of financial institutions around the world.

The White House, according to CNN pledged efforts to “collectively ensure that this war is a strategic failure for Putin.”

In a coordinated statement, The EU condemned the invasion of Ukraine by Russia.

According to them, as Russian forces unleashed their assault on Kyiv and other Ukrainian cities, “we are resolved to continue imposing costs on Russia that will further isolate Russia from the international financial system and our economies.”

The statement said measures to be implemented in coming days include removing selected Russian banks from the Swift messaging system.

The move, they said, would ensure that these banks are disconnected from the international financial system and harm their ability to operate globally.

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