West unleashes SWIFT bans, more crushing penalties on Russia

Photo: A Ukrainian soldier walks past debris of a burning military truck, on a street in Kyiv, Ukraine, Saturday, Feb. 26, 2022. Russian troops stormed toward Ukraine’s capital Saturday, and street fighting broke out as city officials urged residents to take shelter. AP Photo/Efrem Lukatsky. Article by Zeke Miller, Raf Casert, Ellen Knickmeyer and Ken Sweet. AP News – February 26, 2022.

WASHINGTON (AP) — The United States and European nations agreed Saturday to impose the most potentially crippling financial penalties yet on Russia over its unrelenting invasion of Ukraine, going after the central bank reserves that underpin the Russian economy and severing some Russian banks from a vital global financial network.

The decision, announced as Ukrainian forces battled Saturday to hold Russian forces back from Ukraine’s capital and residents sheltered in subway tunnels, basements and underground garages, has potential to spread the pain of Western retaliation for President Vladimir Putin’s invasion to ordinary Russians far more than previous rounds of penalties. […]

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