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Dow Jones Newswires: Japan preparing to cut off some Russian banks from SWIFT network

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Japan is in close communication with the U.S. and Europe to prepare to cut off some Russian banks from the global SWIFT financial network, Japan’s top currency diplomat said Monday.

“The Russia-Ukraine situation has become more severe than some people had expected. The international community shares the view that the magnitude of sanctions should have the maximum impact,” Masato Kanda, vice finance minister for international affairs, told reporters after a meeting with Bank of Japan and Financial Services Agency officials.

When asked about whether Japan is considering limiting the Russian central bank’s access to its reserves in Japan, Kanda said Japan will make an appropriate decision while communicating closely with the Group of Seven nations.

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