Pressure cranked up on Putin as West pledge to remove 'selected' Russian banks from Swift system over Ukraine invasion

Pressure cranked up on Putin as West pledge to remove 'selected' Russian banks from Swift system over Ukraine invasion
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Max Parry

By Max Parry


Published: 26/02/2022

- 22:43

The US, UK, EU and allies have agreed a new round of more stringent sanctions on Russia

The US, European Union and UK have agreed to block “selected” Russian banks from the Swift global financial messaging system in retaliation for the Russian invasion of Ukraine.

“Restrictive measures” will also be imposed on Russia’s central bank.


The measures were announced jointly as part of a new round of financial sanctions meant to impose a severe cost on Russia for the invasion.

In a joint statement, the nations said:

"As Russian forces unleash 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. We will implement these measures within the coming days.

"Specifically, we commit to undertake the following measures:

"First, we commit to ensuring that selected Russian banks are removed from the SWIFT messaging system. This will ensure that these banks are disconnected from the international financial system and harm their ability to operate globally.

"Second, we commit to imposing restrictive measures that will prevent the Russian Central Bank from deploying its international reserves in ways that undermine the impact of our sanctions.

"Third, we commit to acting against the people and entities who facilitate the war in Ukraine and the harmful activities of the Russian government. Specifically, we commit to taking measures to limit the sale of citizenship—so called golden passports—that let wealthy Russians connected to the Russian government become citizens of our countries and gain access to our financial systems.

"Fourth, we commit to launching this coming week a transatlantic task force that will ensure the effective implementation of our financial sanctions by identifying and freezing the assets of sanctioned individuals and companies that exist within our jurisdictions. As a part of this effort we are committed to employing sanctions and other financial and enforcement measures on additional Russian officials and elites close to the Russian government, as well as their families, and their enablers to identify and freeze the assets they hold in our jurisdictions. We will also engage other governments and work to detect and disrupt the movement of ill-gotten gains, and to deny these individuals the ability to hide their assets in jurisdictions across the world.

"Finally, we will step up or coordination against disinformation and other forms of hybrid warfare."

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