US, other nations to sanction Russian central bank, partially block SWIFT
- 2 years ago
The United States, European Union and United Kingdom on Saturday agreed to put in place crippling sanctions on the Russian financial sector, including a block on its access to the global financial system and, for the first time, restrictions on its central bank in retaliation for its invasion of Ukraine.
The measures were announced jointly as part of a new round of financial sanctions meant to “hold Russia to account and collectively ensure that this war is a strategic failure for (Russian President Vladimir) Putin.” The central bank restrictions target the more than $600 billion in reserves that the Kremlin has at its disposal, meant to limit Russia's ability to support the ruble amid tightening Western sanctions. They also will severely constrain Russia's ability to import and export goods.
Cumulatively the steps taken by the West since Russia began the invasion would potentially amount to some of the toughest sanctions on any country in modern times.
The measures were announced jointly as part of a new round of financial sanctions meant to “hold Russia to account and collectively ensure that this war is a strategic failure for (Russian President Vladimir) Putin.” The central bank restrictions target the more than $600 billion in reserves that the Kremlin has at its disposal, meant to limit Russia's ability to support the ruble amid tightening Western sanctions. They also will severely constrain Russia's ability to import and export goods.
Cumulatively the steps taken by the West since Russia began the invasion would potentially amount to some of the toughest sanctions on any country in modern times.