Action on the Swift Banking system

The UK and other nations have announced action to expel selected Russian banks from the SWIFT financial system, imposing the most severe economic sanctions against Putin’s tyrannical regime for the appalling assault on Ukraine.  

  • Russia’s illegal invasion of Ukraine is an unprovoked attack on a sovereign, democratic nation. The UK is committed to defending Ukraine’s innocent people through this dark hour as well as the fundamental right to self-determination that has prevailed since the Second World War.   
  • Yesterday, Britain agreed with international partners to go further in isolating Putin’s regime from the international financial system. Selected Russian banks have been removed from the SWIFT financial system, harming their ability to operate globally. Action has also been taken to preventing the Russian Central Bank’s ability to deploy reserves and to limit the sale of citizenship that allowed wealthy Russians linked to the Kremlin become citizens of Western countries. The UK Government has also imposed personal sanctions on Vladimir Putin and Sergey Lavrov, including an assets freeze.
  • The Prime Minister also spoke with President Zelenskyy again yesterday, paying tribute to his incredible leadership and the resolve of the Ukrainian people and Armed Forces in defending their great nation against Russian advances.

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