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Cutting Russia From Swift Banking Is Not An Option At The Current, Says Biden

Joe Biden has said that Russia’s secession from Swift’s global banking system is not being proposed “at the moment”. He says the sanctions already proposed for all banks have the same effect and may even go beyond Swift’s ban on Russia.

“Let’s talk for another month and see if they work,” Biden said.

He says cutting Russia off from swift banking “is always an option, but at the moment it is not the position the rest of Europe wants to take.”

The Prime Minister of the United Kingdom Boris Johnson has previously said that there is potential for Swift to be used as a sanction and that “every card is on the table”.

Biden announced new, stronger sanctions on Russia after it launched a full-scale offensive on Ukraine today, which it said had been planned for months. He argues that the new sanctions will halt Russia’s ability to fund and increase its military.

“We have sanctioned Russian banks that together have assets of one trillion dollars. We have cut off one of Russia’s largest banks, which holds one-third of the country’s banking assets. “The new sanctions will limit Russia’s ability to do business in dollars, euros, yen and pounds,” Biden said.

Russia launched its invasion of Ukraine this morning, and by late afternoon Russian forces had reached just 7 km from the capital, Kiev. CNN reports that Russian troops are already in control of the airport, which is a military base for Ukrainian forces.

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