Western allies cut Russia out of SWIFT banking system amid Ukraine invasion

The UK has agreed with the EU and US to cut some Russian banks out of the SWIFT banking system.

It will stop them from operating worldwide and effectively block Russian exports and imports."The European Union and its partners are working to cripple Putin's ability to finance his war machine."

Allies on both sides of the Atlantic had considered the SWIFT option in 2014, when Russia invaded and annexed Ukraine's Crimea and backed separatist forces in eastern Ukraine.The allies - criticised ever since for responding too weakly to Russia's 2014 aggression - shelved the idea. Russia since then has tried to develop its own financial transfer system, with limited success.

The disconnection from SWIFT announced by the West on Saturday is partial, leaving Europe and the United States room to escalate penalties further later.

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