Ukraine crisis:
In a major move aimed to cripple Russia's economy, the US along with its key allies, including EU and the UK, have decided to disconnect key sanctioned Russian banks from the global financial system SWIFT and impose restrictive measures on its central bank in response to Moscow's invasion of Ukraine.
It was also decided to launch a joint task force to hunt down assets of sanctioned Russian companies and oligarchs, according to a joint statement issued by the leaders of the US, the European Commission, France, Germany, Italy, the UK and Canada on Saturday.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the world's main banking messaging service which links around 11,000 banks and institutions in more than 200 countries, including India.
Based in Belgium, the system is considered central to the smooth functioning of global finances and Russia's exclusion from it would hit the country hard.
In a major move aimed to cripple Russia's economy, the US along with its key allies, including EU and the UK, have decided to disconnect key sanctioned Russian banks from the global financial system SWIFT and impose restrictive measures on its central bank in response to Moscow's invasion of Ukraine.
It was also decided to launch a joint task force to hunt down assets of sanctioned Russian companies and oligarchs, according to a joint statement issued by the leaders of the US, the European Commission, France, Germany, Italy, the UK and Canada on Saturday.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the world's main banking messaging service which links around 11,000 banks and institutions in more than 200 countries, including India.
Based in Belgium, the system is considered central to the smooth functioning of global finances and Russia's exclusion from it would hit the country hard.
Ukraine crisis:
In a major move aimed to cripple Russia's economy, the US along with its key allies, including EU and the UK, have decided to disconnect key sanctioned Russian banks from the global financial system SWIFT and impose restrictive measures on its central bank in response to Moscow's invasion of Ukraine.
It was also decided to launch a joint task force to hunt down assets of sanctioned Russian companies and oligarchs, according to a joint statement issued by the leaders of the US, the European Commission, France, Germany, Italy, the UK and Canada on Saturday.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the world's main banking messaging service which links around 11,000 banks and institutions in more than 200 countries, including India.
Based in Belgium, the system is considered central to the smooth functioning of global finances and Russia's exclusion from it would hit the country hard.
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