Biden uses 'financial nuclear option' and REMOVES Russian banks from SWIFT network and imposes restrictions on Russian Central Bank as they tighten financial sanctions on Moscow over Ukraine

The US and its Western allies announced on Saturday they would move to exclude key Russian banks from the international SWIFT banking network and impose restrictions on the Russian Central Bank.

The moves will be welcomed in Ukraine, which saw isolating Russian banks as a key way to choke off financing and punish Moscow for its invasion.

The announcement came as Russian troops battled Ukrainian forces on the outskirts of the capital Kyiv.

Officials said cutting Russian banks off the system will stop them from conducting most of their financial transactions worldwide and effectively block Russian exports and imports.

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