EU, US & allies have agreed to cut off a number of Russian banks from Swift

A number of Russian banks have been removed from SWIFT:

• The banks affected are "all those already sanctioned by the international community, as well as other institutions, if necessary"

Assets of the Bank of Russia (Russia's central bank) will also be frozen.

A joint statement after agreement by the US, UK, Europe and Canada.

• intention is to "further isolate Russia from the international financial system"

I posted a decision was imminent, and its come more swiftly (cough) than I thought.

More background to the decision is here:

• Momentum grows to remove Russia from SWIFT

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Swift is the "Society for Worldwide Interbank Financial Telecommunication". Its a secure messaging system making fast, cross-border payments possible, enabling international trade. More here.