Japan set to bar Russia from SWIFT payment system over Ukraine invasion

Japan will join the United States and other Western countries in barring certain Russian banks’ access to the SWIFT international payment system.

Following Russia’s invasion of Ukraine, Prime Minister Fumio Kishida announced on Sunday

According to Kishida, Tokyo will impose sanctions on Russian President Vladimir Putin and provide $100 million in emergency humanitarian help to Kyiv.

“This Russian invasion of Ukraine is a unilateral attempt to change the status quo and shakes the international order to its core,” Kishida said.

“We must remain united and take action resolutely.”

SWIFT is a secure messaging system that enables speedy cross-border payments, allowing international trade to flow smoothly and transferring trillions of dollars annually in what has become the primary method of funding international trade.

Kishida’s decision comes after the United States and its allies took a similar action on Saturday, considered as a blow to Russian trade and making it more difficult for Russian firms to do business.

The United States’ ambassador to Japan, Rahm Emanuel, was quick to applaud Japan’s decision to impose sanctions.

“The United States looks forward to coordinating closely with Japan in the coming days to implement these measures and to take further steps together with the G7 and likeminded partners to impose costs on President Putin for his reckless decision to wage war in Ukraine,” he said in a written statement.