West could cut Russia from SWIFT, roll out sanctions against Putin's inner circle

US sanctions against Russia

The West is preparing to send a strong message to Russia and deter it from invading Ukraine by rolling out a new sanctions package. The United States and the European Union may cut Russia from the SWIFT international payment system, sanction its largest banks and members of Putin’s inner circle, Russian independent Spectrum publication reports, citing Western media.

According to Bloomberg, with reference to sources familiar with the discussion of restrictive measures, the United States and the European Union may apply a separate package of sanctions against Russia’s largest banks, as well as Russia’s Direct Investment Fund.

According to Bloomberg, the new sanctions may limit Russia’s ability to convert rubles into dollars, euros, and pounds sterling, or prohibit Russia from accessing the SWIFT financial payment system.

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This option is regarded as “the most radical”, as it would “harm ordinary citizens”. At the same time, the US is considering limiting the ability of investors to buy Russian debt securities in the secondary market.

According to the agency’s sources, US President Joe Biden intends to convey options of possible sanctions to Vladimir Putin during a video conference of the two heads of state scheduled for December 7.

Sources of the CNN TV channel state that a new package could also include sanctions against Putin’s inner circle, Russian banks, the country’s sovereign debt, energy producers, and disconnect Russia from SWIFT.

According to CNN, the final decision on the sanctions has not yet been made.

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