Russian rubles
Russian rublesiStock

World leaders have decided to cut off Russian financial institutions from using the SWIFT money transfer system as part of ongoing sanctions against Russian aggression in Ukraine.

The decision comes after a sweeping list of other sanctions against Russia, including the freezing of assets and the closure of airspace to Russian flights. It was delayed due to some world leaders considering the step to be too drastic at the time.

US President Joe Biden has stated that the sanctions imposed on Russia are among "the most severe in history." The Russian stock market and currency have taken severe losses since the start of the campaign, with the ruble dropping in value to less than that of the currency in some online video games and Russian investors losing nearly $40 billion within a short period after the invasion began.

Russian President Vladimir Putin has commented that Russia will not be deterred by sanctions, stating that it will counter-sanction those cooperating with the economic pressure against invasion and that Russia has economic reserves in place to allow it to remain stable regardless of other factors.

Israeli organizations have appealed to the United States of America to exempt Russian-Israeli philanthropist Roman Abramovich from sanctions, citing his works for the benefit of the Jewish nation. A statement from the US Embassy has said that, "We do not respond to personal appeals."