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U.S., Europe Cut Some Russian Banks From SWIFT: Ukraine Update

Bloomberg business news
WATCH: European Commission President Ursula von der Leyen announces plans to cut several Russian banks from SWIFT.Source: Bloomberg
Updated on

Western nations agreed to exclude some Russian banks from the SWIFT messaging system, used for trillions of dollars worth of transactions between banks around the world, further isolating Russia’s economy and financial system. 

The nations also said they would act together to impose “restrictive measures that will prevent the Russian Central Bank from deploying its international reserves in ways that undermine the impact of our sanctions.”