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The US, UK, EU and other Western nations agree to ban several Russian banks from the SWIFT payments system

26 February 2022

The European Commission, US, UK, Italy, France, Germany and Canada announced in a joint statement on February 26th 2022 their intent to cut off a number of major Russian banks from the SWIFT international payments system in response to the Russian invasion of Ukraine. This measure aims to cut the RF out of the world’s most critical financial messaging system. This ban will ensure that the banks aimed to be cut off will be disconnected from the international financial system and therefore their ability to operate globally will be harmed. More information on this joint effort can be found here.