The UK is reportedly working with the US and European Union (EU) to exclude Russia from SWIFT, a global network that connects financial institutions to enable payments.
According to UK Foreign Secretary Liz Truss, Russia has started an unprovoked and pre-meditated military attack against Ukraine and is not interested in diplomacy.
The UK and its fellow nations have imposed several sanctions on Russia against its invasion of Ukraine, which violates international law and the UN Charter.
However, the US and EU held back from cutting Russia off from SWIFT over concerns about its impact on large economies in Europe.
According to the CNN report, the US considers that depriving Russia of access to SWIFT is always an option, but currently, the rest of Europe is not in favour of the position.
Truss said: “We are urgently convening discussions with our allies and partners to coordinate our response. Together we will hold the Russian government to account.
“We have always been clear there would be massive consequences and a severe cost for any Russian military incursion into Ukraine.
“As a result of their actions, we will today launch an unprecedented package of further sanctions that we have developed with our international partners.
“To ensure the security and defence of all our Allies, we will continue to work together to make sure that Russia cannot further undermine European stability.”
Previously, the UK has seized the assets of Russian banks, Bank Rossiya, Black Sea Bank for Development and Reconstruction, IS Bank and Genbank.
In addition, it has frozen assets and imposed travel bans on three Russian oligarchs, Gennady Timchenko, Boris and Igor Rotenberg, who had close relations with the Kremlin.
The US government has also imposed sanctions on Russia, targeting five major banks, including its state-owned Sberbank and VTB, along with wealthy individuals.
