Civic Register
| 2.26.22
U.S., Canada, & European Union to Remove Some Russian Banks From SWIFT Over Putin's Invasion of Ukraine
Do you support or oppose the latest sanctions on Russia?
UPDATE - 2/26/22
- The U.S., Canada, and the European Union announced in a joint statement Saturday that select Russian banks will be cut off from the worldwide SWIFT financial transactions and payments system due to the invasion of Ukraine. The announcement comes after some European countries had been reluctant to remove Russia from the system altogether.
- SWIFT is a messaging network for global payments between financial institutions involved in a transaction. Full removal of Russian banking institutions from the SWIFT system is considered the "nuclear option" of financial sanctions, so removing just a few Russian banks is an attempt to limit the financial fallout while still dealing a blow to Russia's economy.
- Additionally, the leaders of the U.S., Canada, and the EU will impose measures to prevent the Russian Central Bank from using its reserves of international currency to undermine the impact of sanctions.
The original article appears below.
What’s the story?
- President Joe Biden on Thursday announced new sanctions on Russia following Vladimir Putin’s decision to launch an invasion of Ukraine. The new sanctions will be joined by 27 members of the European Union, including France, Germany, and Italy; the United Kingdom; plus Canada, Japan, Australia, and New Zealand.
- The latest sanctions announced by Biden will target Russian financial institutions and markets, high-tech exports to Russia, and certain Russian elites, but stop short of cutting off Russia from the SWIFT financial system or sanctioning Putin himself.
What’s in the sanctions package?
- This tranche of sanctions also includes a number of Russian elites and their family members by cutting them off from the U.S. financial system, freezing assets, and blocking their travel to the U.S.
- Thirteen of the most critical Russian state-owned enterprises with estimated assets of nearly $1.4 trillion will be barred from issuing or trading debt and equity using U.S. financial markets.
- Further sanctions will block Russia’s ability to import advanced, sensitive technological goods like semiconductors, avionics, lasers, sensors, navigation technologies, and software that originated in the U.S. by using export controls.
What’s not in the new sanctions package?
- Biden was asked by reporters why the U.S. isn’t also announcing the removal of Russia from the SWIFT banking system, which serves as a financial messaging system for international banking transactions. He explained, “That’s not the position that the rest of Europe wishes to take.” Germany and Italy are the main countries opposed to that move, with German Chancellor Olaf Scholz telling reporters that cutting Russia off from SWIFT should be preserved as an option in the future.
- Another possible option in terms of sanctions that are being reserved, for now, by the U.S. and its allies are personal sanctions against Vladimir Putin and his vast financial holdings. Biden said Thursday that sanctions against Putin are on the table but didn’t respond to questions about why sanctions aren’t being imposed on Putin personally.
What else did Biden say?
- During his remarks, Biden reiterated that Russia’s military is conducting a “brutal assault on the people of Ukraine without provocation, without justification, without necessity.” The president said, “Putin is the aggressor. Putin chose this war. And now he and his country will bear the consequences.” Biden added:
“Putin will be a pariah on the international stage. Any nation that countenances Russia’s naked aggression against Ukraine will be stained by association. When the history of this era is written, Putin’s choice to make a totally unjustifiable war on Ukraine will have left Russia weaker and the rest of the world stronger. Liberty, democracy, human dignity — these are the forces far more powerful than fear and oppression. They cannot be extinguished by tyrants like Putin and his armies. They cannot be erased by people — from people’s hearts and hopes by any amount of violence and intimidation. They endure.”
- Biden also emphasized that the U.S. will uphold its mutual defense commitments to its NATO allies and announced the deployment of about 7,000 additional troops to Europe. He said, “The United States will defend every inch of NATO territory with the full force of American power.”
- Biden was asked whether he is urging China to help the international community isolate Russia and he responded, “I’m not prepared to comment on that at this moment.” During the Beijing Olympics, China and Russia announced a deeper economic and strategic partnership, and thus far Chinese Communist Party officials have rejected using the phrase “invasion” in discussing Russia’s attack on Ukraine.
RELATED READING
- Russia Invades Ukraine: Air & Missile Strikes Rock Ukrainian Bases & Cities (2/23/22)
- U.S. Moves More Troops & Aircraft to NATO’s Eastern Front as Russia Remains Poised to Invade Ukraine (2/23/22)
- U.S. & Allies Announce Sanctions on Russia for ‘Flagrant Violation of International Law’ in Eastern Ukraine (2/22/22)
- Putin Recognizes Ukraine Rebel Regions, Orders Military to Conduct ‘Peacekeeping Operations’ (2/21/22)
- President Biden Says He’s ‘Convinced’ Putin Has Made the Decision to Invade Ukraine (2/18/22)
- Biden Speaks on Russia-Ukraine Crisis, Senators Send Bipartisan Message of Solidarity to Ukraine & Warning to Putin (2/15/22)
- American Embassy in Ukraine Temporarily Evacuated Away From Kyiv As Russian Invasion Threat Looms (2/14/22)
- U.S. & Allies Sending More Troops to Eastern Europe, Arms to Ukraine Amid Russian Invasion Threat (2/12/22)
- U.S. Believes Russia May Launch Invasion of Ukraine ‘At Any Time’ - Americans Warned to Leave Ukraine Immediately (2/11/22)
- U.S. Deploying 3,000 Troops to NATO Countries in Eastern Europe Amid Russia’s Military Buildup (2/2/22)
- NATO Increases Readiness of Multinational Response Force - What Is It? (1/29/22)
- State Dept. Encourages American Citizens to Leave Ukraine, Begins Evacuation of Embassy Staff Members' Families (1/24/22)
- U.S. & NATO Allies Provide Aid to Ukraine Amid Russia's Military Buildup (1/22/22)
- U.S. Intel Warns Russia is Prepping ‘False Flag’ Operation as Pretext for Invading Ukraine (1/15/22)
- Biden Tells Ukrainian President the U.S. ‘Will Respond Decisively’ if Russia Invades Further (1/3/22)
- U.S. & NATO Urge Russia to Pull Back From its Military Buildup on Ukraine’s Border (12/3/21)
- Biden Admin Freezes Sale of Lethal Arms to Ukraine Amid Russian Military Buildup (6/18/21)
— Eric Revell
(Photo Credit: White House photo by Adam Schultz via Flickr / Public Domain)
The Latest
-
IT: 🛢️ New Vermont measure could charge Big Oil for climate damages, and... Do you think Trump is guilty?Welcome to Friday, May 10th, friends... Vermont could be one of the first states to hold Big Oil accountable for the damages read more... -
Stormy Daniels Takes the Stand in Trump Hush Money TrialUpdated May 9, 2024, 5:00 p.m. EST Adult film star Stormy Daniels, also known as Stephanie Clifford, spent two days on the stand read more... Law Enforcement -
Vermont Measure to Charge Big Oil for Climate DamagesWhat’s the story? Vermont is expected to become one of the first states to hold Big Oil accountable for the damages caused by read more... Environment -
IT: Trump's 2016 'deny, deny, deny' campaign strategy, and... How can you help the civilians of Ukraine?Welcome to Wednesday, May 8th, weekenders... As Trump's hush money trial enters it's third week, the 2016 campaign strategy of read more...
Climate & Consumption
Health & Hunger
Politics & Policy
Safety & Security
We cannot let Putin get away with taking Ukraine and devastating its people. Their bravery and dedication to democracy must be supported. Russia’s corruption is complete and they are a threat to the entire world. Putin must be stopped.
Keep the power in your own country and trying to take over someone else's domain!!
NATO, How many Ukrainians will die applying Strategic Action? It's Unacceptable! Every once in a while, for a brief moment, I think I might agree with something someone on the Right says, then considering it, I realize it too is a mistake of an idea. "Sean Hannity suggested assassinating Putin. Experts say that’s illegal — and a bad strategy. "On his podcast Wednesday, Fox News host Sean Hannity suggested that Russian President Vladimir Putin should be killed and that NATO should strike Russian tanks. By Julian Mark https://www.washingtonpost.com/nation/2022/03/03/sean-hannity-vladimir-putin-snake/ Honestly, sometimes thinking and acting strategically is very hard. It can require unimagined sacrifice. This first occurred to me while studying for a Masters's Degree while working full time. It occurred to me again while training for a Black Belt in Karate in my late thirties. This brutal Ukraine situation is at a whole other level. Assuming the path of sanctions will work, how many Ukrainians will die during Strategic Action? It's Unacceptable! Yet, even if Hannity's superficially appealing suggestion was legal, it is still lousy strategy.
Oppose, but only because we are buying oil from Russia and not opening every well to pump oil here in the United State!. If we become Energy independent it would be able to supply Europe with all the natural gas they need and take away the money that is currently paying Putin to continue his madness of the war against a people who are demonstrating their will to stay free! Over 6 million barrels a day we are buying!
Do what is needed within the constraints of the treaty to sit Putin down and shut him up or do a real favor and take him out so the Russians can be FREE at long last! He is not a good leader.
This is a test of NATO and the alliance. Putin wants to put the USSR back together from it earlier history. They were in Afghanistan before we were and pulled out. They need to have the world show them they can try this but the financial cost will be beyond their expectations. ALL WARS SHOULD BE MANAGED THIS WAY.
FaFraudulent "P" Biden's sanctions are too little, too late, and totally ineffective. A return to Trump's Great energy policies, and Our energy independence would increase Our Power, while lessening Putin's. Thed "green energy" nonsense must be ended, and a return to sanity with Trump's policies NOW.
‘China could provide some support for Russia to keep the punishments from biting too hard. Chinese companies are expected to scoop up discounted Russian oil if sanctions deter other buyers’ … People’s Bank of China has a multi-billion dollar currency swap with its counterpart in Moscow, allowing the nations to provide liquidity to businesses so they can continue trading … chinese announcement US & EU must ensure that this chinese loophole be plugged and punish china severely Bilateral trade agreements are fine except when they are aiding evil acts against humanity Boycott Chinese goods!
I oppose Sanctions. I want Defcon 5. Our Nuclear Silos opened. Boots on the Ground to save Ukraine. It's a shame our Old Rhinos and Democrats are corrupt and their families take Chinese and Russian dollars.
Sanctions are a good start.
I hope that sanctions will be as severe and impactful as possible to end the war as soon as possible. When this is over, Putin should be in a weaker position than when it started.
The U.S. must institute more & stricter sanctions on Putin & Russia!
Right on! Hit them in the pocketbook where it really hurts. The people of Russia will not tolerate being controlled much longer. The rebellion against Putin's ideology, along with his big money supporters will fail just like all other Fascist regimes.
YES I DO AND LETS HOPE A SOLUTION CAN BE FOUND BEFORE ANY MORE INNOCENTS PEOPLE LIVES ARE LOST ESPECIALLY THE CHILDEN,
This should’ve been done several days ago! It’s a damn shame that thousands of people had to evacuate the very country that they love. It’s a damn shame that hundreds have perished in this war that Russia initiated. It’s a damn shame that Biden has very poor international policies. It wasn’t enough that he shut down the keystone pipeline, and now Americans will be paying the price for his inadequacies.
Please try to avoid the us from putting boots on the ground. I can’t live with another generation of wound service people.
Drill stupid, drill!
I whole-heartedly support cutting off Russian banking access to SWIFT. Cutting of the money is a sanction that will hit the quickest and have the greatest impact on Putin and his oligarch pals. They may be able to work around the sanctions that the average Russian can't, but not if they don't have the money to pay for it.
CAUSES ASKS: "Do you support or oppose the latest sanctions on Russia?" ME: ABSOLUTELY. Hope there's more in reserve. Putin must NOT be allowed to succeed in his insane, illegal, and immoral attempt to grab Ukraine. .... Hummm.... GOP Trumpist Rep. Paul Gosar: "I am totally rooting for Russia," while also referring to Russian leader Vladimir Putin as "my Czar." (as reported by CNN 2/26/22). Insane, illegal, and immoral...sounds about right for the whole kit and kaboodle of these TrumPutin Republican anti-Americans. And the GOP leadership said not one damned word of condemnation. At least Liz Cheney did. https://www.cnn.com/2022/02/26/politics/liz-cheney-greene-gosar-republican-white-nationalist-event/index.html
I strongly support sanctions on Russia. Russia must pay a huge price for starting a war with Ukraine.