The United States, Canada and major European countries, including Germany, have agreed to remove “certain Russian banks” from the Swift payment system, the countries announced on Saturday.
“As Russian forces launch their assault on Kyiv 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. We will implement these measures in the coming days, A declaration leaders from the European Commission, France, Germany, Italy, the United Kingdom, Canada and the United States.
Swift is the world’s leading international payment network. Several countries have already expressed support for locking Russia off the platform, and Germany, which had oppose before measure, gave his support earlier in the day.
Saturday’s joint statement formalized the move, although few details were given as to when Swift’s withdrawal will take place and which Russian banks will be targeted.
“We are committed to ensuring that certain Russian banks are removed from the SWIFT messaging system. This will ensure that these banks are disconnected from the international financial system and will harm their ability to operate globally,” the countries said.
“Second, we commit to imposing restrictive measures that will prevent the Russian Central Bank from deploying its international reserves in a way that undermines the impact of our sanctions.”
The countries also said they would take steps “to limit the sale of citizenship – the so-called golden passports – which allow wealthy Russians linked to the Russian government to become citizens of our countries and access our financial systems.” .
They also announced their intention to launch a “transatlantic task force” that will ensure that the sanctions against the Russians remain effective.