Ukraine war: Russian banks to be cut off from SWIFT international payments system, says EU chief
Russian banks will be removed from the SWIFT international payments system, says EU chief Ursula von der Leyen.
She said the move would "stop them from operating worldwide and effectively block Russian exports and imports".
However, von der Leyen did not say how many would be cut off, only saying a "certain number" of banks would be cut off.
Von der Leyen, president of the European Commission, said the move had been agreed in coordination with other countries including the US, UK and Canada.
Other measures announced late on Saturday evening include stopping Russian oligarchs from using assets in EU financial markets.
EU leaders have already approved two rounds of sanctions that target Russia's financial, energy and transport sectors, tighten export control, including semiconductors, and restrict visa issuance. The penalties also include travel bans and the freezing of assets of President Vladimir Putin's inner circle.
Earlier on Saturday, Ukraine's president, Volodymyr Zelenskyy, urged for Russia to be removed from SWIFT and his country to be allowed to rapidly join the EU.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a high-security intermediary system that allows banks and institutions around the world to carry out financial transactions – that is, ordinary payments – among each other.
The system was founded in 1973 and is headquartered in La Hupe, Belgium.
Today, SWIFT links more than 11,000 financial institutions in more than 200 counties and territories, making it an essential piece of our globalised, fast-paced economy.
Crucially, SWIFT is used by EU member states to pay for Russian gas and oil, two resources that represent the backbone of the Russian economy.
Since the EU is Russia’s number
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