US says moving Russia out from SWIFT unlikely in initial sanctions package: Report

On Friday, White House announced that Russia will not be removed from Society for Worldwide Interbank Financial Telecommunication (SWIFT) international banking system if it decides to inve Ukraine as is not a part of first sanction package.

As per a report by Hill, Daleep Singh, who is a deputy national security visor, said that every option is still open but, SWIFT is unlikely to be included in initial implementation bundle. SWIFT is used by about 11,000 financial institutions from more than 200 countries.

Daleep also said that decision to not stop Russia's access to SWIFT network should not be viewed as a concession by US. He ded that y will take tough actions that ir allies and partners are rey to execute with m that don't have same spillover effects. He also said that y will continue to evaluate se alternatives and revise ir judgments as time passes. He warned that Russia's economic and strategic costs from sanctions package would be immense.

Most punitive financial sanctions ever envisaged

Daleep Singh said that he can guarantee that measures y have planned, ir severity on whom y would impose m, and immediacy of those penalties are among most punitive financial sanctions ever envisaged.  US deputy national security visor said that y have never seen anything like togerness and coordination y have seen with ir allies over last few months, Hill reported. He stated that Russia will be cut off from global financial markets and will lack access to most vanced technology inputs if it inves Ukraine.

White House said that US and its Western partners collaborated to draft a sanctions package. White House believes that Russian government hackers have been involved in this week's cyberattacks on Ukraine's Ministry of Defense and banks. President Biden has warned that Russia might attack Ukraine in coming days, and he spoke to NATO members on Friday, February 18, about Russia's military buildup along Ukraine's border.

US has frequently threatened Russia with severe sanctions if President Vlimir Putin inves Ukraine. US President Joe Biden has stated that United States and its allies are rey to defend every inch of NATO territory against any threat to collective security.

(Image: AP)