European Union and US ban Russian banks from Swift system in latest sanction

The United States and European Union have banned some Russian banks from the Swift financial system in the latest sanction against Vladimir Putin’s attack on Ukraine.

Western leadership, which also includes the United Kingdom and Canada, expelled Russia from the high-security network that connects thousands of financial institutions around the world in a decision announced on Saturday evening.

The western nations’ decision to trigger the action came after the EU, which was previously split on the matter, decided to move forward with it.

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