Connect with us

Hi, what are you looking for?

United States

The U.S. and Europe will bar some Russian banks from SWIFT.

Biden administration officials said on Saturday that there would be new restrictions by the United States and its allies against selling rubles to Russia, undercutting the country’s ability to support its currency in the face of new sanctions on its financial sector. That, in turn, could cause inflation — and while administration officials did not say so explicitly, they are clearly hoping that could fuel protests against Mr. Putin’s rule in Russia.

“We know that Russia has been taking steps since 2014 to sanctions-proof its economy, in part through the stockpiling of foreign exchange reserves,” said Emily Kilcrease, a senior fellow at the Center for a New American Security. “The central bank sanctions will limit their ability to leverage this asset, along with constraining their ability to conduct monetary policy of any sort to manage the economic damage from other sanctions.”

The United States and its allies also announced steps to put pressure on Russia’s elites, including creating a task force that the White House said would “identify, hunt down and freeze the assets of sanctioned Russian companies and oligarchs — their yachts, their mansions and any other ill-gotten gains that we can find and freeze under the law.”

The idea is to strike those who are closest to Mr. Putin and undermine their ability to live in both Russia and the West. In another new move, the United States and its allies said they would seek to limit the sale of so-called golden passports that allow wealthy Russians who are connected to the Russian government to become citizens of Western nations and gain access to their financial systems.

While the steps are some of the harshest taken yet, the announcement falls short of a blanket cutoff of Russia from SWIFT, which some officials see as a nuclear option of sorts. Such a move would have essentially severed Russia from much of the global financial system.

And some experts say that it may only drive Russia to expand the alternative to the SWIFT system that it created several years ago when it began trying to “sanction-proof” its economy. But Russia’s equivalent system is primarily domestic; making it a competitor to SWIFT, officials say, would require teaming up with China.

The moves on Saturday came on the same day that Germany’s chancellor, Olaf Scholz, announced that his government was approving a transfer of antitank weapons to the Ukrainian military, ending his insistence on providing only nonlethal aid, such as helmets.

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like


The Senate minority leader has spent the entire 2022 election telling anyone who will listen that a) Republicans should win back the majority this...

United States

“I don’t think America has anything against Ukraine,” Mr. Hagerty said on Fox News. “We don’t want to see them fail, but we have...


Florida Gov. Ron DeSantis signed a bill on Monday that makes it illegal to protest at an individual’s residence, citing the demonstrators who have...


These developments should crush any doubt about the permanence of this new, less stable and more militarized world order brought on by Russia’s invasion...

United States

Still, while Ms. Stefanik has aggressively courted the far right, she has also worked to maintain a veil of respectability within her party, working...


Black Lives Matter co-founder Patrisse Cullors said the organization is awash with “White guilt money.” Cullors made the comment in an MSNBC podcast posted Monday afternoon...


Calling it “our 1776 moment,” Barnette promised those attending the rally would make their voices heard, according to previously unreported comments from the time...

United States

To a degree surpassing any other contest in the 2022 midterms so far, Donald Trump has poured his personal prestige into Pennsylvania’s Republican Senate...