Western allies agree to cut select Russian banks from global financial messaging system SWIFT

Western allies have agreed to remove selected Russian banks from the SWIFT global financial messaging system.

Cutting Russian banks from SWIFT will stop them from conducting most of their financial transactions worldwide and effectively block Russian exports and imports, according to European Commission President Ursula von der Leyen.

In a joint statement, leaders of Europe, UK, US, and Canada, said the move was in response to Vladimir Putin's decision to invade Ukraine late last week, Qazet.az reports.

The group said: "We stand with the Ukrainian government and the Ukrainian people in their heroic efforts to resist Russia's invasion.