The European Union along with other countries have released a statement announcing Russian banks will be removed from SWIFT – the global financial artery that allows the smooth and rapid transfer of money across borders.

In a significant development, the European Union, France, Germany, Italy, the United Kingdom, Canada, and the United States released the statement condemning the invasion.

They will also commit to imposing restrictive measures on Russia’s central bank and will limit the ability of wealthy Russians to buy citizenship in other countries.