US, Allies Agree Cutting Russia Out Of Global Payment System SWIFT

Germany and its Western allies agreed to cut Russia out of the SWIFT global payment system, a spokesperson for the German government said on Saturday, in a third sanctions package aimed at halting Russia’s invasion of Ukraine.

The sanctions, agreed with the United States, France, Canada, Italy, Great Britain and the European Commission also include limiting the ability of Russia’s central bank to support the rouble.

This will also end the “golden passports” for wealthy Russians and their families and will target individuals and institutions in Russia and elsewhere that supports the war against Ukraine, the spokesperson said.

“The countries stressed their willingness to take further measures should Russia not end its attack on Ukraine and thus on the European peace order,” he added.