“The Biden administration and its key European allies have reached a preliminary agreement to bar sanctioned Russian companies, oligarchs and government officials from using the SWIFT system, essentially barring them from international financial transactions — but without interfering with gas deliveries to European nations,” the New York Times reports.
“The agreement, referred to in general terms by German officials and confirmed by American and European diplomats, falls short of a blanket cutoff of Russia from the financial messaging system, which some officials see as a nuclear option of sorts. Such a move would have essentially severed Russia from much of the global financial system.”
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