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  • US, UK, Europe and Canada to block Swift access for some Russian banks
    US, UK, Europe and Canada to block Swift access for some Russian banks
    2022-02-28

      The US, Britain, the EU and Canada have moved to block Russia’s access to the Swift international banking payment system.   In a statement issued by the White House, the countries said they condemned Putin’s war of choice and attacks on the sovereign nation and people of Ukraine.   There had been mounting pressure for greater sanctions as Vladimir Putin continues his assault on Ukraine.   The UK and Spain were early supporters of the move to lock Russia out of Swift, the main secure messaging system that banks use to make rapid and secure cross-border payments, but the US was initially lukewarm and Germany was also reluctant.   On Saturday, however, Annalena Baerbock, Germany’s foreign minister, said the country was working on a “targeted and functional restriction” on Swift. Hours later, the joint statement by western allies, including Germany, was released, with the European Commission president, Ursula von der Leyen, also announcing the measure.

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Swift

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  •   The US, Britain, the EU and Canada have moved to block Russia’s access to the Swift international banking payment system.   In a statement issued by the White House, the countries said they condemned Putin’s war of choice and attacks on the sovereign nation and people of Ukraine.   There had been mounting pressure for greater sanctions as Vladimir Putin continues his assault on Ukraine.   The UK and Spain were early supporters of the move to lock Russia out of Swift, the main secure messaging system that banks use to make rapid and secure cross-border payments, but the US was initially lukewarm and Germany was also reluctant.   On Saturday, however, Annalena Baerbock, Germany’s foreign minister, said the country was working on a “targeted and functional restriction” on Swift. Hours later, the joint statement by western allies, including Germany, was released, with the European Commission president, Ursula von der Leyen, also announcing the measure.


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