European Union, the United States, as well as the rest of their associates have declared that a series of banks from Russia will be eliminated from SWIFT (a global system of payments). A mutual statement mentioned that the respective measure would further separate the country from the worldwide system of finance.
Russia cut off from SWIFT
Canada, the United Kingdom, Italy, Germany, France, the European Commission, as well as the White House have confirmed a mutual statement on Saturday asserting that Russia would be cut off from the global payment system. Many banks from the country will be obstructed from the globe-wide system of payments, and the assets of the country’s central bank will additionally get frozen, restricting its potential to liquidate the overseas reserves thereof.
It counts to be an extraordinary step as SWIFT plays a vital role in the economy around the world. Approximately, every prominent bank in the world utilizes the respective system and trillions of dollars are processed by it on annual basis. Restricting the country from such a network will expectedly pose a severe impact on the economy thereof because it depends on this system in the case of gas and oil exports.
Apart from the update of SWIFT, the countries of the West disclosed that the sale of the golden passports, permitting the elite Russians to obtain citizenship overseas, will be restricted by them. The update comes after many days of bloodshed across Kyiv as well as the rest of the cities throughout Ukraine as Vladimir Putin (the president of Russia) had directed for an army strike over the country this Thursday. The US as well as the rest of the collaborators thereof have declared several sanctions over Russia as a reaction to the assault of the country.
Crypto community’s response
The Russian president, the person whose funds have been a mystery for a long time, will additionally witness the freezing of his wealth as simultaneous to Sergey Lavrov (the Foreign Minister of Russia), as declared on the behalf of the European Union, the United Kingdom, and the United States on Friday.
In the meantime, the government of Ukraine has requested crypto-based donations assisting its confrontation with the Russian army. The officials from Ukraine shared Ethereum and Bitcoin addresses through a Twitter post on Saturday with having many crypto donations in a response from the community of the asset class.
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