The west weaponises SWIFT as it ramps up sanctions against Russia

The US, European Commission, UK, France, Germany, Italy and Canada have announced they will cut “certain Russian banks” off from the world’s SWIFT bank code system, the global security network that connects thousands of financial institutions.

The group said they will “collectively ensure that this war is a strategic failure for Putin”.

“This will ensure that these banks are disconnected from the international financial system and harm their ability to operate globally… restrictive measures that will prevent the Russian Central Bank from deploying its international reserves in ways that undermine the impact of our sanctions.”

US and EU officials are also looking to target the Russian Central Bank with additional sanctions, an unprecedented step for one of the world’s largest economies.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) was…