'As Russian forces unleash their assault on Kyiv and other Ukrainian cities, we are resolved to continue imposing costs on Russia that will further isolate Russia from the international financial system and our economies,' Western allies said in a joint statement. It will also supply 10,000 tonnes of fuel via Poland and further supplies to Ukraine are being considered.īerlin’s dramatic change of stance came hours before the announcement on Swift, which is used by more than 11,000 banks for cross-border payments and is crucial for global trade.īerlin had been one of the few countries opposing action after Britain, the European Union, Canada and the United States all pressed the case as part of their package of sanctions against Vladimir Putin and the Kremlin.

In another major change in policy Germany said it would give 400 German-made rocket propelled grenades to Ukraine through the Netherlands and 14 armoured personnel carriers.

The new measures will prevent Russia from 'using its war chest,' said Ursula von der Leyen, president of the European Commission, the European Union's executive. The measures, which will also include restrictions on the Russian central bank's international reserves, will be implemented in the coming days, the nations said in a joint statement. It came with a pledge to limit 'Golden Passport' programs allowing Russians to obtain citizenship by investment.

The United States, Britain, Europe and Canada blocked 'certain' Russian banks from accessing the Swift international payment system as part of another round of sanctions against Moscow.

Swift share global payments system