The United States, Canada, and European countries have expelled top Russian banks from SWIFT, the high-security network that connects thousands of financial institutions around the world.
The White House, along with France, Germany, Italy, the United Kingdom and Canada, made the announcement on Saturday as they pledged to “collectively ensure that this war is a “strategic failure” for Russian President Vladimir Putin, CNN reports.
In a joint statement released by the White House, the group of nations said the move “will ensure that these banks are disconnected from the international financial system and harm their ability to operate globally.”
The allies also pledge more “restrictive measures that will prevent the Russian Central Bank from deploying its international reserves in ways that undermine the impact of our sanctions,” and restricting the sale of “golden passports” that allow Russian oligarchs to avoid the brunt of sanctions already levied, according to the news network.
