The EU is finally getting tougher on Moscows banks but

The EU is finally getting tougher on Moscow’s banks, but Britain is urging it to go further as Ukraine’s war escalates.

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The EU is finally firm on Moscow’s banks … but Britain is urging it to go further and impose even tougher measures as the war in Ukraine escalates.

  • Britain, the United States, the EU and Canada have said Russian banks will be banned from the Swift system
  • A government source said the move would hurt 70% of Russia’s major banks
  • Western leaders have also agreed on “restrictive measures” against Russia’s central bank
  • Foreign Minister Liz Truss says the UK will continue to push for tougher measures

from Political editor of the Daily Mail

Published: 00:23 GMT, 28 February 2022 | Updated: 00:40 GMT, 28 February 2022

Last night, Britain called for even tougher sanctions against Moscow amid predictions that Russian banks could run out of money.

On a big descent over the weekend, Germany and Italy agreed to abandon their opposition to the exclusion of Russian banks from the Swift payment system, which dominates international trade.

In a joint statement, the United Kingdom, the United States, the European Union and the United Kingdom Canada said “selected Russian banks” would be removed from the Swift system, which would exclude them from the international financial system and “impair their ability to operate globally”.

In a joint statement, Britain, the United States, the EU and Canada said

In a joint statement, Britain, the United States, the EU and Canada said “selected Russian banks” would be removed from the Swift system.

A government source said the move would mean that 70% of major Russian banks would be excluded from the system, making it increasingly difficult for Russian companies to trade.

Western leaders have also agreed to impose “restrictive measures” on Russia’s central bank to prevent it from “deploying its international reserves in ways that undermine the impact of our sanctions.”

But Foreign Minister Liz Truss said yesterday that the United Kingdom would continue to push for tougher measures.

Miss Truss, who raised the issue with the G7 finance ministers yesterday, said the measures were “unprecedented”, but added: “We continue to push for tougher and tougher sanctions.

“We were very clear with the G-7 that there would be escalating sanctions, that snoring against Russia would be tightened. And this is what we see.

“We have led calls for Russia to be excluded from the Swift system. We are making progress.

That doesn’t end here.

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