UNDERSTANDING: Biden uses “financial nuclear option” and waves Russian banks from SWIFT network and imposes restrictions on Russian central bank as they tighten financial sanctions against Moscow over Ukraine
- The West has promised to isolate Russia from world markets by removing banks from the SWIFT network
- The United States, the European Commission, France, Germany, Italy, the United Kingdom and Canada made the move on Saturday
- “We will hold Russia accountable and collectively ensure that this war is a strategic failure for Putin,” they said.
- Ukraine has been pushing for this for days as it fights some 75,000 invading Russian troops
- Ursula von der Leyen, president of the European Commission, said that would stop Putin from using his “military chest”.
- Earlier, a Pentagon official said the United States was sending more Javelin anti-tank missiles to Ukraine.
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Ukraine is asking the West to remove Russia from the international banking network SWIFT
The United States and its Western allies announced on Saturday that they would take steps to exclude key Russian banks from the international banking network SWIFT and impose restrictions on Russia’s central bank.
The moves will be welcomed in Ukraine, which saw the isolation of Russian banks as a key way to stifle funding and punish Moscow for its invasion.
The announcement came when Russian troops were fighting Ukrainian forces on the outskirts of the capital Kiev.
Officials said the exclusion of Russian banks from the system would stop them from conducting most of their financial transactions around the world and effectively block Russian exports and imports.
Ursula von der Leyen, president of the European Commission, said this would prevent Putin from using his “military chest”.
In a joint statement, the United States, the European Commission, France, Germany, ItalyThe United Kingdom and Canada He said: “We will hold Russia accountable and guarantee collectively that this war is a strategic failure for Putin.”
A number of measures will be implemented in the coming days, they said.
“First, we are committed to ensuring that selected Russian banks are removed from the SWIFT messaging system. This will ensure that these banks are excluded from the international financial system and will damage their ability to operate worldwide, “they continued.
“Second, we are committed to imposing restrictive measures that will prevent the Russian Central Bank from allocating its international reserves in ways that undermine the impact of our sanctions.”
Russian troops have made rapid progress after storming early Thursday morning.
Clashes reportedly around the Ukrainian capital, Kiev, as local forces tried to detain Russian troops.
A Pentagon spokesman said half of the 150,000 Russian troops stationed on Ukraine’s border had not entered the country.
And the Kremlin has ordered its military to step up Ukraine an offensive “from all directions” – as ordinary Russians began to express their horror at the war being waged on their behalf.
Earlier, officials said the Javelin anti-tank missiles were part of a new $ 350 million package of military equipment sent to help Ukrainian troops hold off the Russian invasion.
Ukrainian tanks in motion before the attack in the Luhansk region on February 26, 2022.
President Biden authorizes new package Friday night as Russian troops close Ukrainian capital Kiev
This came two days after Ukraine’s defense minister made a direct appeal to Congress.
Alexei Reznikov said: “We need as many Stinger and anti-tank weapons as possible.
“To ensure the reliable purchase of equipment, you can deliver it to Poland. From there, we will transport them across the land and quickly saturate our defenses.
Javelins are used by small mobile units to destroy tanks from a distance and are seen by Kiev as one of their best hopes of delaying the offensive.
Although Ukrainian airspace is contested, the official said the Pentagon continues to find routes to the country.
“We will look for additional places to do this, especially now, given that the president has approved other aid worth $ 350 million,” the official said. “We will do everything possible to take it into the hands of the Ukrainians.”
The top Republican in the House Armed Services Committee said Ukraine needed Stingers.
“I hope the military aid package announced by the administration today includes these Stingers,” said spokesman Mike Rodgers.
Ukrainians are fighting hellishly to save their country, and the administration had to send this deadly aid weeks ago.
Military aid is authorized by the president Joe Biden a day earlier, bringing the total amount of aid to $ 1 billion in the last year.
Pentagon spokesman John Kirby said he would come from U.S. stockpiles, “including anti-armor, small arms and various ammunition, bulletproof vests and related equipment to support downward defenders of Ukraine’s front line.” Russia‘unprovoked attack.’
Ukraine desperately wants more Javelins as well as Stinger anti-aircraft missiles as its forces fight Russian tanks, bombers, helicopters and missiles
A Pentagon official told reporters that the Javelin anti-tank weapons were part of the package, but declined to say whether the Stingers were included, according to Defense News.
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