EU proposes cutting some Russian banks from SWIFT

European Commission President Ursula von der Leyen announced plans on Saturday to cut several Russian banks from the SWIFT international banking system. Speaking in Brussels, she said the E.U. and other Western powers, including the U.S and U.K. were considering the move.

She explained that by cutting Russia off the system, transactions would be frozen and it would become "impossible for the Central Bank to liquidate assets." Other proposed sanctions include stopping Russian oligarchs from using assets in EU finance markets.