BREAKING: EU to cut off some Russian banks from SWIFT

The European Union has pledged to cut off several Russian banks from SWIFT, the international banking payments system.

European Commission President Ursula von der Leyen said the EU, the US, and its allies also plan to impose further sanctions on Russia for its invasion of Ukraine.

Removing Moscow from SWIFT is seen as crucial to punishing Vladimir Putin, but there is debate as to how the measures will damage western economies.