US, EU, UK agree to remove selected Russian banks from SWIFT

By ZEKE MILLER, RAF CASERT and ELLEN KNICKMEYER
Associated Press

WASHINGTON (AP) — The United States, European Union and United Kingdom have agreed to put in place crippling sanctions on the Russian financial sector in retaliation for its invasion of Ukraine. The new sanctions include a block on its access to the global financial system and, for the first time, restrictions on its central bank. The central bank restrictions are 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 would potentially amount to some of the toughest sanctions on any country in modern times.