BREAKING: EU and U.S. to expel some Russian banks from SWIFT payments system
The flag of the European Union. right, and the flag of Ukraine. Photo: Marijan Murat/picture alliance via Getty Imagesthey would cut off a "certain number of Russian banks" from the SWIFT international payments system, a harsh punishment that proponents hope will be more effective than targeted sanctions.
"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," the statement said.Biden and other allied leaders initially resisted calls to boot Russia from the network. "The sanctions we've imposed exceed SWIFT," Biden said on Thursday. "Let's have a conversation in another month or so to see if they're working."
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