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

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

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

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

Most punitive financial sanctions ever envisaged

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

The White House said that the US and its Western partners collaborated to draft a sanctions package. The 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 the coming days, and he spoke to NATO members on Friday, February 18, about Russia's military buildup along Ukraine's border.

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

(Image: AP)