Russia Ukraine Conflict: The US, Canada, Britain and Europe on Saturday increased sanctions against Moscow. Under this, these countries have agreed to block Russia’s access to the SWIFT international payment system. This decision has been taken after Russia has decided to intensify its attack on Ukraine and surround the capital Kiev.
These countries issued a joint statement saying that these decisions also include restrictions on the international reserves of the Russian central bank, which will be implemented in the coming days.
“We are committed to ensuring that a certain number of Russian banks are removed from SWIFT,” EU executive, European Commission President Ursula von der Leyen said in a statement to the media.
He further said, “This will ensure that these banks are disconnected from the international financial system and their ability to operate on a global scale is harmed.”
He said removing Russian banks from the system would bar them from conducting most of their financial transactions around the world and would effectively block Russian exports and imports.
He said our allies would prevent Russia from “using its stagnant capital for war”, crippling its central bank assets, halting its transactions and making it impossible for the central bank to liquidate its assets.
“Ultimately, we will work to prevent Russian oligarchs from using their financial assets in our markets,” he said. EU foreign ministers will discuss the sanctions package in a virtual meeting on Sunday evening. This will be their fourth meeting in a week.