London: Swift (Society for Worldwide Interbank Financial Telecommunication), an international money transfer network, has moved to ban major Russian banks. The decision was announced by the US, Britain and the European Union. There is also a move to freeze the foreign deposits of the Russian central bank.
Money transactions between countries are done using the Swift system. The new move is part of a move to isolate Russia by abolishing trade and money transfer facilities with other countries. Countries, including the United States and Britain, have previously warned of more sanctions against Russia.
Meanwhile, the US, Germany and the Netherlands have said they will supply more weapons to Ukraine, which has a strong resistance against Russia.