US & allies to remove Russian banks from SWIFT to freeze Putin's war chest

In aftermath of Russia Ukraine war, United States and its allies on Saturday anunced ir move to remove Russian banks from SWIFT messaging system. move is being done to isolate Moscow financially as it continues its military operation in Ukraine. Leaders of European Commission, France, Germany, Italy, United Kingdom, Canada, and United States, released a joint statement to confirm move.

In an attempt to isolate Russia amid its invasion of Ukraine, US and its allies anunced removal of selected Russian banks from SWIFT.

"We commit to ensuring that selected Russian banks are removed from SWIFT messaging system. This will ensure that se banks are disconnected from international financial system and harm ir ability to operate globally," leaders of European Commission, France, Germany, Italy, United Kingdom, Canada, and United States, said in a joint statement.

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

joint statement released by White House, also said that allies commit to take action against ‘entities facilitating war in Ukraine and harmful activities of Russian government’. It said that measures to limit sale of citizenship via ways like golden passports, that let people connected to Russian government become citizens of or countries and ir financial systems.

joint statement also informed launch of a transatlantic task force to ensure effective implementation of financial sanctions. It said that actions will be taken to ensure sanctions and or financial and enforcement measures against Russian officials and elites close to  Putin-led Russian government. Adding that it will step up coordination against disinformation and or forms of hybrid warfare, allies said that y “stand with Ukrainian people in this dark hour”. 

European Commission moves to freeze Russian banks

Furrmore, President of European Commission Ursula von der Leyen, on Saturday, said that allies would stop Russia from “using its war chest”, by paralysing assets of its central bank. European Commission said that it will freeze transactions and prevent Russian central bank from liquidating its assets. She reiterated that removal of Russian banks from SWIFT will be ensured.

Society of Worldwide Interbank Financial Telecommunication kwn as SWIFT is a Belgian-based co-operative used by thousands of financial institutions in over 200 countries, including Russia. It provides a secure messaging system to facilitate cross-border money transfers.

According to latest statement, US and its allies will w take action on platform against individuals and entities that facilitate war in Ukraine initiated by Russian government.

Im: AP