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Update: On Feb. 26, 2022, the Biden Administration announced that the U.S., European nations and Canada had reached an agreement to disconnect choose Russian banks from the SWIFT system.S. Russian government-owned banks and businesses from promoting their debt on U.S. Putin, his overseas minister, Sergei Lavrov, and the defense minister, Sergei Shoigu, within the EU, U.S. Russian airlines and non-public jets from U.K. However the Biden administration and European allies had held off on one measure that many were calling for them to take towards Russia and Putin. They hadn't but cut off Russian banks from SWIFT, a system that banks use to speak with one another across the world, till Saturday, Feb. 26. That is when the U.S., European nations and Canada reached an agreement to disconnect choose Russian banks from the SWIFT system. European Commission, France, Germany, Italy, the United Kingdom, Canada and the United States mentioned in a joint statement.

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