ANNOUNCEMENT 26 Feb 2022

In February 2022, the U.S. Administration announced that it will forbid selected Russian banks from using services provided by SWIFT.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

U.S. White House, Briefing Room, “Joint Statement on Further Restrictive Economic Measures”. Available at: https://www.whitehouse.gov/briefing-room/statements-releases/2022/02/26/joint-statement-on-further-restrictive-economic-measures/

Inception date: 26 Feb 2022 | Removal date: open ended

Controls on commercial transactions and investment instruments

On 26 February 2022, the U.S. Administration announced a joint statement with G7 countries and the European Union introducing economic sanctions on Russia in response to their invasion of Ukraine. Specifically, selected Russian banks will be removed from the SWIFT messaging system. According to the announcement, this measure will ensure that these selected Russian banks are disconnected from the international financial system and restrict their ability to operate globally.

SWIFT system – Society for Worldwide Interbank Financial Telecommunication (SWIFT) – is a financial messaging service used for the execution of financial transactions and payments between banks worldwide. With the introduction of the measure, selected Russian banks will be forbidden from using the services provided by SWIFT.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
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