Western allies have announced sweeping new sanctions against Russia, including banishing its key banks from the main global payments system, drawing thanks from Ukraine on Sunday as its forces were repelling Russian troops advancing on Kyiv.
After initially shying away from such a move largely because of concern about the impact on their economies, the allies said they committed to "ensuring that selected Russian banks are removed from the SWIFT messaging system." They did not name the banks that would be expelled, but an EU diplomat said some 70% of the Russian banking market would be affected.
Sanctions on Russia's central bank could limit Putin's use of his more than $630 billion in international reserves, widely seen as insulating Russia from some economic harm.Ukrainian servicemen take positions at the military airbase Vasylkiv in the Kyiv region, Ukraine February 26, 2022. REUTERS/Maksim LevinThe new measures will prevent Russia from "using its war chest," said Ursula von der Leyen, president of the European Commission, the European Union's executive.
The Kremlin said its troops were advancing again "in all directions" after Putin ordered a pause on Friday. Ukraine's government said there had been no pause. "They have been frustrated by what they have seen is a very determined resistance," the U.S. official said, without providing evidence.
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