Japan has decided to join the United States and European allies in removing selected Russian banks from the SWIFT international financial messaging system, Japanese Prime Minister Fumio Kishida said Sunday.
Restrictions on Russia’s central bank, which has more than $600 billion in reserves, are meant to block Russia's ability to support the ruble. Analysts predicted intensifying runs on banks in Russia and falling government reserves as Russians scrambled to sell their currency for safer assets. Ordinary Russians fearing that tightening sanctions will cripple the Russian economy have been flocking to banks and ATMS to withdraw cash since Thursday.
The ruble and Russia’s stock market both declined sharply immediately after Russia launched a full-scale military invasion in Ukraine. The ruble recovered slightly but is still down more than 6% from before Putin’s announcement, trading at nearly 84 rubles to the dollar.Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox
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US and Europe will block some Russian banks from SWIFTSWIFT punishment
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U.S., UK, Europe, Canada to block Russian access to SWIFTThe United States, Britain, Europe and Canada on Saturday moved to block Russia's access to the SWIFT international payment system as part of another round of sanctions against Moscow as it continues its assault against Ukraine.
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White House praises Japan for joining the effort to cut Russian finances, banksThe White House praised Japan on Sunday for joining Europe and the West in supporting efforts to disconnect Russia from critical banking systems.
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Why Europe doesn't want to kick Russia off SWIFT just yetU.S. and European officials are holding one key financial sanction against Russia in reserve, choosing not to boot Russia off SWIFT, the dominant system for global financial transactions.
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Europe close to approving SWIFT, but Germany remains wary
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