ANNOUNCEMENT 26 Feb 2022

In February 2022, the Canadian government announced the prohibition for selected Russian banks to use services provided by SWIFT.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Prime Minister of Canada. "Joint Statement on further restrictive economic measures". 26/02/2022. Available at: https://pm.gc.ca/en/news/statements/2022/02/26/joint-statement-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 Canadian government issued a joint statement with other G7 countries introducing economic sanctions on Russia in response to the invasion of Ukraine. The selected Russian banks will be removed from the SWIFT messaging system. According to the announcement, the measure will contribute to cutting Russian banks from the global financial system and hinder their global operations. 

The 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. The G-10 central banks (Belgium, Canada, France, Germany, Italy, Japan, The Netherlands, United Kingdom, United States, Switzerland, and Sweden), as well SWIFT's activity, alongside the European Central Bank.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
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