WASHINGTON — The United States and European nations agreed Saturday to impose the most potentially crippling financial penalties yet on Russia over its...
The United States and its European allies have agreed to levy the most potentially crippling sanctions yet on Russia over its invasion of Ukraine.
The European Union, United States, United Kingdom and other allies have steadily stepped up the intensity of their sanctions since Russia launched the invasion late last week. U.S. officials said Saturday’s steps were framed to send the ruble into “free fall” and promote soaring inflation in the Russian economy.
Saturday’s move also includes cutting key Russian banks out of the SWIFT financial messaging system, which daily moves countless billions of dollars around more than 11,000 banks and other financial institutions around the world. Only rarely have the West and its allies fired a full salvo of its available financial weapons on a country. Iran and North Korea, two previous targets, had far smaller roles in the world economy, while Russia, with its enormous petroleum reserves, plays a much bigger role in global trade, and parts of Europe depend on its natural gas.
Getting the EU on board for sanctioning Russia through SWIFT had been a tough process since EU trade with Russia amounted to 80 billion euros, about 10 times as much as the United States, which had been an early proponent of such measures.
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