The U.S. is seriously considering whether to seek Russia¡¯s expulsion from the SWIFT financial messaging system over the Ukraine invasion as allies in Europe warm to the idea of imposing a penalty that seemed unlikely just days ago, according to people familiar with the matter.
Biden administration officials are now debating whether to push for a directive from the European Union needed to ban Russia from SWIFT, though a U.S. and EU decision is not imminent, according to the people. Officials are discussing the matter with the Federal Reserve, which sits on SWIFT¡¯s oversight body, two of the people said. Another person said talks have commenced with the European Commission.
The discussions by the U.S. mark a change in course after President Joe Biden said he was holding off because European allies had voiced concerns over the risk such a move posed to their economies.
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