US and allies cut Russia from SWIFT financial messaging system ruble loses 30% of value

Three days after Russia's invasion, the United States, European Union, United Kingdom, and Canada announce they will remove selected Russian banks from the SWIFT financial messaging system, the backbone of international bank-to-bank transactions. The decision, initially resisted by European allies worried about economic blowback, represents a dramatic escalation of economic pressure. Within days, the Russian ruble loses approximately 30% of its value and Russian stock markets suspend trading. Energy payments are initially exempted from SWIFT restrictions to protect European buyers of Russian gas.