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WASHINGTON —The United States, European allies and Canada agreed Saturday to remove key Russian banks from the interbank messaging system, SWIFT, an extraordinary step that will sever the country from much of the global financial system.
“This will ensure that these banks are disconnected from the international financial system and harm their ability to operate globally,” the global powers wrote in a joint statement announcing the significant retaliatory measure.
Moscow’s exclusion from SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication, means Russian banks cannot communicate securely with banks beyond its borders. Iran was removed from SWIFT in 2014 following developments to Tehran’s nuclear program.
SWIFT is an independent enterprise based in Belgium that serves as an internal messaging system between more than 11,000 banks and financial institutions in over 200 countries and territories.
In addition, the United States, European Union and Canada announced that they will impose restrictive measures aimed at preventing the Russian Central Bank from deploying its international reserves in ways that may undermine sanctions.
“This will show that Russia’s supposed sanctions proofing of its economy is a myth. The $600 billion-plus war chest of Russia’s foreign reserves is only powerful if Putin can use it,” a senior administration official said on a call with reporters Saturday evening.
The official, who spoke on the condition of anonymity in order to share new details on Washington’s position, said the impact of these sanctions will be felt immediately in Russia.
“You will immediately see a chilling effect fall over the Russian banking sector even beyond what’s already occurred,” the senior administration official said, adding that all 10 of Russia’s largest financial institutions have been sanctioned.
SWIFT did not immediately respond to CNBC’s request for comment.
The announcement follows rounds of joint sanctions imposed against Russia for its unprovoked assault on Ukraine.
On Friday, the United States alongside the United Kingdom and the European Union announced stunning sanctions against Russian President Vladimir Putin and Russian Foreign Minister Sergey Lavrov.
In the weeks leading up to the invasion, the Biden administration said the threat of severe sanctions was intended to serve as a deterrent to Putin.
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