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.