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Ukraine
ChinaDiplomacy

Ukraine invasion: US, EU, UK move to eject some Russian banks from Swift global payment system

  • Move will ensure that targeted Russian banks ‘are disconnected from the international financial system’
  • Decision on Swift follows pledges of financial and military support for Ukraine from Washington, London and Berlin

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A rally in Times Square in New York against the war in Ukraine on Saturday. Similar protests were held around the world. Photo: AFP
Agencies,Holly Chik,Zhuang Pinghui,Chad BrayandOwen Churchill
The US government and its Western allies will eject “selected Russian banks” from the Swift global payment system, closing ranks on a measure that Washington and some other countries were reluctant to take in the first days of Russia’s invasion of Ukraine.

The agreement – announced jointly on Saturday by Britain, Canada, France, Italy and the European Commission – followed other moves to support Kyiv in its fight against the Kremlin’s military.

The additional support included Germany’s authorisation of weapon sales to Ukraine, a reversal of Berlin’s stance against such shipments to conflict zones, and London’s pledge to deliver more weaponry to Ukraine’s military as protests against Russia’s incursions into its neighbour spread worldwide.

Read below for the latest updates:

Western allies to cut Russia from Swift

European countries, joined by the United States and Canada, have agreed to cut off “selected Russian banks” from Swift, the international banking system, apparently overcoming some earlier opposition to the measure from countries including Germany.

“This will ensure that these banks are disconnected from the international financial system and harm their ability to operate globally,” the countries said in a statement. The US and Canada were joined by Britain, France, Germany, Italy and the European Commission.

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