Russia faces the 'nuclear option' of being ousted from the SWIFT banking system

Demonstrators protest in support of Ukraine, in Los Angeles, on February 24, 2022.

Patrick T. Fallon / Patrick T. Fallon

Russia should be cut off from the SWIFT bank messaging system as a punishment for invading Ukraine, three countries in the Eastern European Union said on Thursday. Their call was echoed by Ukrainian President Volodymyr Zelenskyy, who is calling on the international community to help protect his country’s sovereignty.

On Thursday, the foreign ministers of Estonia, Latvia and Lithuania called for the move in a joint statement that condemned Russia’s attacks on Ukraine.

The ministers called on the international community to impose the “strongest possible sanctions on Russia, including disengaging Russia from SWIFT, isolating it politically” and supporting Ukraine.