Western nations are set to enact drastic new sanctions that would cripple Russia’s economy and financial system after initial penalties failed to convince President Vladimir Putin from pulling out of Ukraine.
A consensus has emerged to prevent Russia from using the plumbing of modern money and isolate it as a pariah similar to Iran, Venezuela and North Korea. The U.S. and its European partners have also zeroed in on a potential source of cash for the government in the $643 billion of central bank reserves that Putin had amassed ahead of his attack.
A common decision — and coordinated announcement — on SWIFT is likely on Sunday, according to two people familiar with discussions.
