EU Commission president Ursula von der Leyen commits to cutting Russian banks from Swift


EU Commission president Ursula von der Leyen commits to cutting Russian banks from Swift financial system ‘to harm their ability to operate globally’


A long-mooted bid to shut Russia out of a crucial global banking system was all but signed off tonight.

EU Commission president Ursula von der Leyen proposed cutting several targeted Russian banks from the Swift financial transaction system. 

If it happens it means Russia will struggle to receive payments from outside of the country, which will cause serious economic problems.

Germany had been opposed to the move but seemed to have warmed to the idea further today. 

EU Commission president Ursula von der Leyen proposed cutting several targeted Russian banks from the Swift financial transaction system

EU Commission president Ursula von der Leyen proposed cutting several targeted Russian banks from the Swift financial transaction system

Though it is widely believed that the Russian dictator will have factored Western sanctions into his calculations, the combined effect of punitive measures on Russia’s banking system will further squeeze its economy.

The United States, Britain, Japan, Canada, Australia and the European Union unveiled more sanctions on Moscow on top of penalties earlier this week, including a move by Germany to halt a gas pipeline from Russia.

President Joe Biden delivered further measures to target Russian banks, oligarchs and high-tech sectors, while the EU unveiled its own new package including financial, energy and technological sanctions.

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