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 United States, European Union and United Kingdom on Saturday agreed to put in place crippling sanctions on the Russian financial sector, including a block on its access to the global financial system and, for the first time, restrictions on its central bank in retaliation for its invasion of Ukraine.
U.S. officials said Saturday’s steps were framed to send the ruble into "free fall" and promote soaring inflation in the Russian economy. They noted that previously announced sanctions have already had an impact on Russia, bringing its currency to its lowest level against the dollar in history and giving its stock market the worst week on record.
The disconnection from SWIFT announced by the West on Saturday is partial, leaving Europe and the United States room to escalate penalties further later. Getting the EU on board for sanctioning Russia through SWIFT had been a tough process since EU trade with Russia amounted to 80 billion euros, about 10 times as much as the United States, which had been an early proponent of such measures.
"These new sanctions, which include removing several Russian banks from SWIFT and sanctioning Russia’s central bank, are likely to cause serious damage to the Russian economy and its banking system," said Clay Lowery, executive vice president of the Institute of International Finance. "While details on how the new sanctions affect energy are still emerging, we do know that sanctions on its central bank will make it more difficult for Russia to export energy and other commodities.
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