European Union
The European Commission -- along with the United States, United Kingdom and Canada -- pledged Saturday to remove Russia from SWIFT, a global messaging service that connects financial systems, as part of stricter moves to remove Russia from the international finance system.
The Society for Worldwide Interbank Financial Telecommunication is used by over 11,000 financial institutions to send secure messages and payment orders -- kicking Russia out of it is considered a "nuclear move."
The countries also committed to imposing "restrictive measures" that would prevent the Russian Central Bank from deploying its international reserves in ways that undermine the impact of sanctions. EU Commission President Ursula von der Leyen said the measures will paralyze Russia's central bank assets and freeze its transactions, making it impossible to liquidate its assets.
"We will stop Putin from using his war chest," von der Leyen said in a statement.
The statement said it will limit the sale of "golden passports," which allow wealthy Russians to gain citizenship in another country in exchange for an investment. This move would clamp down on wealthy Russians with connections to the government becoming citizens of other countries and "gaining access to our financial systems."
Von der Leyen and French president Emmanuel Macron announced other measures early Friday, vowing to inflict "maximum impact on the Russian economy and political elite."
"We will hold the Kremlin accountable," said von der Leyen.
The sanctions are aimed to hit Russia's financial, energy and transport sectors, and include export controls and trade financing bans.
