Ukraine Crisis: Some Russian banks to be cut off from Swift

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Several Western countries and the European Union have committed to exclude certain Russian banks from the Swift international interbank communication and transaction network, according to a report by state news wire MTI, citing an announcement by the British government.

According to the announcement issued by the Prime Minister's Office in London on Saturday night, the United Kingdom, the United States, Canada, Germany, France, Italy, and the European Commission issued a joint communiqué condemning Russia's war on Ukraine, which it described as an attack on basic international rules and norms that have been established since the Second World War.

The communiqué also contains a five-point action program, the first of which sets out a commitment to disconnect certain Russian banks - as yet unnamed - from Swift.

Some EU countries, including Hungary, Germany, and Italy were initially against cutting off Russian banks from the Swift system, but according to a report by hvg.hu, the Hungarian government decided to change its position and support the measure on Saturday. 

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