The United States and its allies announced their crucial decision to prohibit the access of particular Russian financial institutions from the SWIFT international payment system last February 26. This marks the latest and arguably, harshest sanction to date on Moscow as it continues its invasion of Ukraine. The procedure is to be implemented within the next few days and is said to be coupled with restriction on the Russian central bank as announced by the participant states in a joint statement from the White House.

“We commit to ensuring that selected Russian banks are removed from the SWIFT messaging system. This will ensure that these banks are disconnected from the international financial system and harm their ability to operate globally,” said the statement.

These reports came simultaneously with the Kremlin’s blocking of the UNSC resolution condemning their invasion and aggression in Ukraine. Today, the Ukrainians and the Russians have sent in their respective delegations to pursue peace talks at the Ukrainian-Belarusian border near the Pripyat river in an effort to stop the war.

The leaders of the European Commission, Canada, France, Germany, Great Britain, Italy, and the United States, reinstated their stance on the ongoing conflict, “We condemn Putin’s war of choice and attacks on the sovereign nation and people of Ukraine. We stand with the Ukrainian government and the Ukrainian people in their heroic efforts to resist Russia’s invasion.”

This group’s action follows recent fiscal and economic sanctions on major Russian financial institutions along with Russian President Vladimir Putin himself, Russian Minister of Foreign Affairs Sergei Lavrov, and members of its security council.

The Department of Treasury, through a press release, stated that Putin and Lavrov are individuals who are directly responsible for Russia’s unlawful advance into Ukrainian territory. Putin joins world leaders such as Kim Jong Un, Belarusian ally President Alexander Lukashenko, and Syrian President Bashar al-Assad as one of the few world leaders with sanctions. Putin, Lavrov, and 11 of their Russian Security Council members were sanctioned, with all of their properties, assets, and entities owned in the United States frozen.