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EU, US and UK to target some Russian banks

Ukraine Invasion Georgia
Posted at 2:44 PM, Feb 26, 2022
and last updated 2022-02-26 17:44:26-05

WASHINGTON — The U.S., European Union, and United Kingdom on Saturday agreed to block “selected” Russian banks from the SWIFT global financial messaging system and to impose ”restrictive measures” on its central bank in retaliation for its invasion of Ukraine.

The measures were announced jointly as part of a new round of financial sanctions meant to impose a severe cost on Russia for the invasion.

EU Commission President Ursula von der Leyen said she would push the bloc also to “paralyze the assets of Russia’s Central bank” so that its transactions would be frozen.

Cutting several commercial banks from SWIFT “will ensure that these banks are disconnected from the international financial system and harm their ability to operate globally,” she said.

As a third measure, she said the EU would “commit to taking measures to limit the sale of citizenship—so called golden passports—that let wealthy Russians connected to the Russian government become citizens of our countries and gain access to our financial systems.”