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.