The US, Britain, the EU and Canada have moved to block Russia’s access to the Swift international banking payment system.
In a statement issued by the White House, the countries said they condemned “[Vladimir] Putin’s war of choice and attacks on the sovereign nation and people of Ukraine”.
It added: “We will hold Russia to account and collectively ensure that this war is a strategic failure for Putin.”
There had been mounting pressure for greater sanctions as Vladimir Putin continues his assault on Ukraine.
The UK and Spain were early supporters of the move to lock Russia out of Swift, the main secure messaging system that banks use to make rapid and secure cross-border payments, but the US was initially lukewarm and Germany was a key holdout.
On Saturday, however, Annalena Baerbock, Germany’s foreign minister, said the country was working on a “targeted and functional restriction” on Swift. Hours later, the joint statement by western allies, including Germany, was released, with the European Commission president, Ursula von der Leyen, also announcing the measure.
Von der Leyen said: “The European Union and its partners are working to cripple Putin’s ability to finance his war machine.”
Announcing the further sanctions she said that they would “commit to ensuring that a certain number of Russian banks are removed from Swift”. It is understood the final list of institutions is still being drawn up.
Von der Leyen added: “This will ensure that these…
