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SWIFT Action

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The sanctions being levied against Russia over its unprovoked imperialist war of aggression are intensifying:

The Biden administration and its European allies vowed Saturday to block Moscow’saccess to its sizable foreign currency reserves in the West, teeing up one of the most powerful financial penalties and threatening to send the Russian financial market into free fall.

The United States and the Europe Union also announced they were moving to sever some Russian banks from SWIFT, a global messaging network that enables banks to communicate their financial transactions in a secure manner. The steps come as Russian President Vladimir Putin intensifies his military aggression against Ukraine in an attempt to topple its government and take the capital, Kyiv.

“Putin embarked on a path aiming to destroy Ukraine. But what he is also doing in fact is destroying the future of his own country,” European Commission President Ursula von der Leyen said Saturday. In response, she said, “we will paralyze the assets of Russia’s central bank. This will freeze its transactions. It will make it impossible for the central bank to liquidate assets.”

If Putin is determined to take Kyiv and force regime change, he will obviously be able to do it eventually. The question is how much pain Russia’s economic elites will be willing to bear to sustain a difficult invasion and occupation of a country that poses no actual threat to Russian national security to gratify Putin’s fascist nostalgia.

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