US and Europe will block some Russian banks from SWIFT

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VTB Bank introduces ATM machines operating with new Russian banknotes
Photo by Stanislav Krasilnikov\TASS via Getty Images

A coalition of NATO-aligned countries has committed to new measures meant to sever Russia from the global financial system, countries announced in a joint letter today. The letter, signed by the United States, UK, Canada, and European allies, lays out new measures to isolate Russia’s central bank, and announces a new trans-Atlantic task force to freeze the foreign assets of sanctioned individuals.

In a dramatic escalation, the order also blocks select Russian banks from using SWIFT — the international payment system employed by banks to send money around the world.

SWIFT, which stands for The Society for Worldwide Interbank Financial Telecommunication, is a cooperative company based in Belgium, whose owners include many of Europe’s...

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