17 Oct 2026
Biden not to disconnect Russia from SWIFT
US President Joe Biden announced the imposition of sanctions against Russia because of the military operation in Ukraine.
"Today, I am authorizing additional strong sanctions and new restrictions on what can be exported to Russia. This will cost the Russian economy dearly", he said in an address to the Americans.
He noted that the new restrictions would affect Russian officials, politicians and members of their families. At the same time, he noted that Washington does not intend to enter into hostilities with Russia in Ukraine. "We will protect every millimeter of NATO land", he added.
The American leader further stated that the US and allies would limit Russia’s imports of high-tech products by 50%. In addition to this, new sanctions will affect VTB Bank and the Russian space program.
"We are imposing sanctions on Russian banks, which together control about $1 trillion. We will cut off the largest Russian bank, which holds more than a third of Russian banking assets, from the American financial system", he said.
Besides, Biden said that 27 representatives of the European Union, the United States, Canada, Australia and New Zealand will restrict exports and prohibit the use of their currency. "We will limit the ability of the Russian Federation to do business in dollars, pounds, euros and yens", the president stressed, adding that there are no plans to disconnect Russia from the SWIFT system.
It should be added that Biden did not rule out the imposition of sanctions against Vladimir Putin.
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