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Ukraine war

Removal of Russian banks from SWIFT system: 5 things to know

Russian financial institutions handle about $46 billion of forex transactions a day

SWIFT handles 42 million remittances per day, of which Russian financial institutions accounted for 1.5% as of 2020.   © Reuters

TOKYO -- The U.S. and Western allies said on Saturday that they would place sanctions on Russia's central bank and remove some Russian banks from the SWIFT global payments system.

In a joint statement, the leaders of the European Commission, France, Germany, Italy, the U.K., Canada, and the U.S. said they would take the economic measures to "hold Russia to account and collectively ensure that this war is a strategic failure for Putin."

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