U.S. and European officials are holding one key financial sanction against Russia in reserve
Thursday. The sanctions are meant to isolate, punish and impoverish Russia in the long term. President Joe Biden announced restrictions on exports to Russia and sanctions against Russian banks and state-controlled companies.
Ukraine has sought for Russia to be excluded from SWIFT, but several European leaders would prefer to stay patient because a ban could make international trade more difficult and hurt their economies. But Sen. Jim Risch of Idaho, the top Republican on the Senate Foreign Relations Committee, said the SWIFT ban would be complicated and time-consuming in part because the U.S. doesn't have control over the decision.
“By politicizing SWIFT you give incentive for others to develop alternatives,” said Brian O'Toole, a senior fellow at the Atlantic Council and former Treasury official. “SWIFT also is an important partner in U.S.-European counterterrorism efforts. It shares data with U.S. Treasury related to counterterrorism issues that has proven to be enormously valuable.”
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