Global financial messaging system SWIFT preparing to ban Russia from using it

The global financial messaging system SWIFT, is “preparing to comply” to a move to ban Russia from using it, according to the European Commission President.

Ursula von der Leyen has a announced work to prohibit Russian oligarchs from using their financial assets on western markets.

Foreign Affairs Ministers will also meet this evening to discuss further sanctions on Moscow.

Mrs von der Leyen says the latest measures will “cripple Putin’s ability to finance his war machine”. Adding, ”We will stop Putin from using his war chest and we will paralyse the assets of Russia’s central banks.”