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Biden Deflects Democrats’ Pleas to Boot Russia From Swift

  • Republicans, Democrats press for expelling Russia over war
  • Swift member nations wary of consequences of expulsion
Bloomberg business news
WATCH: Biden says the U.S. will be sanctioning Sberbank, Russia’s largest lender, and four other financial institutions.Source: Bloomberg
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President Joe Biden said booting Russia from the critical Swift global financial messaging system is off the table for now even as leaders in his own party urge him to take a step that would carry significant consequences for European nations, many of which oppose the move.

In explaining his decision, Biden said the U.S. move Thursday to sanction Sberbank -- Russia’s largest lender -- and four other financial institutions would potentially have more impact on Russia than barring the country’s banks from Swift, essentially the Gmail of global banking.