US, other countries to disconnect some Russian banks from SWIFT
The White House announced further sanctions on Russia Saturday evening.
The U.S., along with the European Commission, France, Germany, Italy, the United Kingdom and Canada, are disconnecting some Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) banking network and are "imposing restrictive measures that will prevent the Russian Central Bank from deploying its international reserves in ways that undermine the impact of our sanctions," the White House said.
"This will ensure that these banks are disconnected from the international financial system and harm their ability to operate globally," the White House said in a statement.
The White House added, "We commit to taking measures to limit the sale of citizenship -- so called golden passports -- that let wealthy Russians connected to the Russian government become citizens of our countries and gain access to our financial systems."
The U.S. will also launch a trans-Atlantic task force "that will ensure the effective implementation of our financial sanctions by identifying and freezing the assets of sanctioned individuals and companies that exist within our jurisdictions."
On a call with reporters Saturday night, a senior administration official said the move to sanction the central bank will show that Russia's defense of claiming that sanctions don't hurt their economy "is a myth."
"The 600 billion-plus war chest of Russia's foreign reserves is only powerful if Putin can use it," the official said. "And without being able to buy the ruble from Western financial institutions, for example, Putin and the central bank will lose the ability to offset the impact of our sanctions. The ruble will fall even further, inflation will spike and the central bank will be left defenseless."
The Biden administration said it's also upping the fight against disinformation and "other forms of hybrid warfare."

-ABC News' Justin Ryan Gomez










