Biden warns Russia of ‘enormous consequences’ if it invades Ukraine – live | World news

For the U.S. and its European allies, cutting Russia out of the SWIFT financial system, which shuffles money from bank to bank around the globe, would be one of the toughest financial steps they could take, damaging Russia’s economy immediately and in the long term. The move could cut Russia off from most international financial transactions, including international profits from oil and gas production, which in all accounts for more than 40% of the country’s revenue…

The United States already holds one of the most powerful financial weapons to wield against Putin if he invades Ukraine — blocking Russia from access to the U.S. dollar…

White House press secretary Jen Psaki has confirmed that the U.S. is considering imposing export controls — potentially cutting off Russia from the high tech that helps warplanes and passenger jets fly and makes smartphones smart, along with the other software and advanced electronic gear that make the modern world run…

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