US and Western Allies to Remove ‘Selected’ Russian Banks From SWIFT

A sign outside the headquarters of the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, in Terhulpen, near Brussels, Belgium, on Feb. 25, 2022. James Arthur Gekiere/Belga Mag/AFP via Getty Images

The United States, European Union, and other Western allies announced Saturday they will cut off certain Russian banks from the SWIFT international payments system, and put restrictions on the Russian Central Bank, in retaliation for Russia’s attack on Ukraine.

Thousands of banks as well as financial institutions around the world use the SWIFT system to settle cross-border payments. SWIFT, the “Society for Worldwide Interbank Financial Telecommunication,” is used by more than 11,000 financial institutions in over 200 countries and is regarded as crucial for financing international trade.