The European Union, US and their allies have agreed to cut off a number of selected Russian Banks from their main international payment system Swift. Russia has been dependent on Swift system for its key oil and gas exports.
Swift or the “Society for World Wide Interbank Financial Telecommunication” is an international messaging system that makes fast, secure cross-border payments possible enabling international trade. Swift is based in Belgium and it has a total of 11,000 banks linked in more than 200 countries.
To destroy Russia’s economy for invading Ukraine the EU, US and its allies had taken the decision to cut off selected Russian banks. Decision has been taken to freeze the assets of Russia’s central bank soon. The intention is to “further isolate Russia from the international financial system”, a joint statement said.