EU gives Russia financial blow: Russian banks lose access to Swift | Economy

In addition, there will be measures that prevent the Russian central bank from using its reserves to nullify the effect of Western financial sanctions.

The United States, Canada, the United Kingdom and important European countries such as France, Germany and Italy have an agreement on this, according to Commission President Ursula von der Leyen.

A third measure is that Europe will immediately drastically curtail its system of ‘golden visas’. In this way, wealthy Russians acquire a European passport – for example through mega-investments in European member states. Brussels is afraid that they will subsequently evade financial sanctions from Europe and continue to provide Russia with resources. The system of golden visas has been under fire in the European Parliament for years because quite a few criminals also buy a European residence permit in this way.

Finally, America, Canada, the UK and the EU have decided to create a joint task force to identify capabilities of Russians involved in or profiting from the military aggression against Ukraine. Western leaders do not want them to escape the sanctions regime, their foreign assets must be frozen as soon as possible

The cutting off of Russian banks from Swift is especially remarkable, because there was no agreement on this within Europe. Some countries feared serious damage from declining trade, Russian reprisals and heavy losses for Western banks. As a result, this important measure was not included in the first two sanction packages. In a statement, leaders say their tightened sanctions regime, including the Swift measure, has come as Russia continues its military aggression and is now also attacking Kiev and other key cities in Ukraine.