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EU, US & allies have agreed to chop off quite a lot of Russian banks from Swift

Plenty of Russian banks have been faraway from SWIFT:

  • The banks affected are “all these already sanctioned by the worldwide neighborhood, in addition to different establishments, if crucial”

Belongings of the Financial institution of Russia (Russia’s central financial institution) may also be frozen.

A joint assertion after settlement by the US, UK, Europe and Canada.

  • intention is to “additional isolate Russia from the worldwide monetary system”

I posted a choice was imminent, and its come extra swiftly (cough) than I believed.

Extra background to the choice is right here:

Swift is the “Society for Worldwide Interbank Monetary Telecommunication”. Its a safe messaging system making quick, cross-border funds attainable, enabling worldwide commerce. Extra right here.

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