The US and western allies will place sanctions on the Russian central bank and remove some of the country’s lenders from the Swift global payments system, in their harshest response yet to the invasion of Ukraine.
In a joint statement, the US, UK, Canada, France, Germany, Italy and the European Commission said they would prevent the Russian central bank from using its internal reserves to undermine broader sanctions.
“[Vladimir] Putin’s government is getting kicked off the international financial system,” said a senior US official, who added that the measures would result in the Russian currency going “into freefall”.
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