US Secretary of State Antony Blinken said on Saturday night that key Russian banks will be cut off from the international SWIFT system.
In a statement issued after world leaders decided to cut off Russian financial institutions from using the SWIFT money transfer system, Blinken said, “As a result of Putin’s war on Ukraine, we join with leaders of EU, France, Germany, Italy, UK and Canada to ensure key sanctioned Russian banks are disconnected from SWIFT, impose restrictions on Russian Central Bank, and further identify and freeze assets of sanctioned Russians.”
“We stand with the Ukrainian people in this dark hour. Even beyond the measures we are announcing today, we are prepared to take further measures to hold Russia to account for its attack on Ukraine,” he added.
Saturday’s decision followed a sweeping list of other sanctions against Russia by EU leaders, including the freezing of assets and the closure of airspace to Russian flights.
On Friday, the European Union announced it would freeze the assets of Russian President Vladimir Putin and Foreign Minister Sergei Lavrov.
British Prime Minister Boris Johnson followed the EU and also announced on Friday that the UK will be implementing sanctions against Putin and Lavrov effective immediately.
Later, the US also announced sanctions on Putin and Lavrov.
Russian Foreign Ministry spokeswoman Maria Zakharova blasted the imposition of sanctions against Putin and Lavrov, saying the move reflect the West's "absolute impotence" when it comes to foreign policy.
She added that relations with the West "have reached the line after which the point of no return begins".