US President Joe Biden, in his address to the nation on Thursday (local time), said that removing Russia from the SWIFT international financial system is always an option but not one Europe wishes to take now.
"It is always an option, but right now, that's not the position that the rest of Europe wishes to take," Biden said during a press conference at the White House.
However, Biden said, "The sanctions that we've proposed on all their banks are of equal consequence, maybe more consequence than SWIFT."
He also announced "new strong sanctions and limitations" on Russia.
The sanctions include limiting Russia's ability to do business in dollars, euros, pounds, and yen to be part of the global economy, stopping the ability to finance and grow the Russian military and impairing Russia's ability to compete in a high-tech 21st-century economy.
Biden said that the United States is not doing this alone adding that the 27 EU members and G7 members will participate in these sanctions as well.
Furthermore, the US sanctioned Russian banks that together hold around USD 1 trillion in assets. Biden added, "we're also blocking four more major banks. That means every asset they have in America will be frozen."
"This is going to impose a severe cost on the Russian economy, both immediately and over time. We have purposefully designed these sanctions to maximize a long-term impact on Russia and to minimize the impact on the United States and our allies," he said.
The EU demanded Putin to cease Russian military operations immediately and unconditionally withdraw all forces and military equipment from the entire territory of Ukraine.
"Russia bears full responsibility for this act of aggression and all the destruction and loss of life it will cause. It will be held accountable for its actions," the EU statement said.
Moreover, the statement noted that Russia's military attack against Ukraine - an independent and sovereign State - is a flagrant violation of international law and the core principles on which the international rules-based order is built.
The EU calls on the international community to demand from Russia the immediate end of this aggression which endangers international peace and security at a global scale, according to the statement.
( With inputs from ANI )
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor