Canada among countries moving to block Russian access to SWIFT
S E E D E D C O N T E N T
Western nations, including Canada, said Saturday they were cutting off a number of Russian banks from the world's main financial payments system as Kyiv's allies ratchet up economic pressure on Moscow.
Several governments announced they were imposing a new round of sanctions in response to Russian President Vladimir Putin's invasion of Ukraine, including expelling some Russian banks from the SWIFT payment system .
The move deals a blow to Russian trade and makes it harder for Russian companies to do business. SWIFT, or the "Society for Worldwide Interbank Financial Telecommunication," is a secure messaging network that facilitates rapid cross-border payments, making it a crucial mechanism for international trade.
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 ruble.
It marked an escalation of the West's punitive economic response. Putin launched what he called a special military operation before dawn on Thursday, ignoring Western warnings and saying the "neo-Nazis" ruling Ukraine threatened Russia's security.
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