The Community for Global Interbank Economic Communication (SWIFT) said yesterday Saturday that it is preparing to implement in the coming days the new measures decided Western countrieswhich are targeting some Russian banks in retaliation for Moscow’s attack on Ukraine.
“We are cooperating with the European authorities,” she said in a statement SWIFTwhich is waiting in detail for the details of the banks that will be subject to restrictions, adding that “we are preparing to comply with the official instructions”.
Earlier today EU, USA, Britain and Canada decided to exclude some Russian banks from the SWIFT system, underlining, among other things, their determination to impose measures “which will further isolate Russia in the international financial system”, noting that the measures will be implemented in the coming days.
Von der Leyen: Except Swift Russian Banks – What EU-US Joint Statement Says
European Commission President Ursula von der Leyen has said the EU, along with the United States and other partners, plans to impose further sanctions on Russia for its invasion of Ukraine.
Some Russian banks are excluded from SWIFT. These banks will be disconnected from the international financial system.
Restrictive measures are being taken to restrict the Russian central bank’s access to its markets and reserves.
Restrictions on the issuance of “golden passports” to Russian nationals.
“As Russian forces launch their offensive in Kiev and other Ukrainian cities, we are determined to continue to impose costs on Russia that will further isolate Russia from the international financial system and our economies,” the EU and France said. , Germany, Italy, the United Kingdom, Canada and the United States issued a coordinated statement condemning the Russian invasion.
The measures to be implemented in the coming days include the expulsion of “selected Russian banks from the Swift messaging system”.
“This will ensure that these banks are disconnected from the international financial system and limit their ability to operate globally.”
Swift is the global financial highway that allows the smooth and fast transfer of money across borders.
“Restrictive measures” in the Russian Central Bank
The Swift messaging system is not the only domain that targets the newly released joint statement.
The Western allies say they will also pledge to “impose restrictive measures that will prevent the Russian Central Bank from developing its international reserves in ways that undermine the impact of our sanctions.”
EU and allies will restrict “golden passports” for Russians
Western allies will also limit the ability of wealthy Russians to buy citizenship in other countries.
“We pledge to act against the people and entities that facilitate the war in Ukraine and the harmful activities of the Russian government,” the statement said.
“In particular, we are committed to taking measures to restrict the sale of citizenship – the so-called golden passports – that allow wealthy Russians associated with the Russian government to become citizens of our countries and gain access to our financial systems.”
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