US officials are currently weighing a wide set of sanctions on Russia meant to deter Russian President Vladimir Putin from launching an invasion into Ukraine, considering the possibility of disconnecting Russia from the SWIFT, CNN reports.
The new set of sanctions includes actions against members of Putin's inner circle and on Russian energy producers, while disconnecting Russia from the SWIFT international payment system used by banks around the world is considered a "nuclear option".
According to CNN final decisions hadn't been made on whether and when to apply the new sanctions, and the Biden administration is currently in talks with European partners — many of whom have closer economic relationships with Russia — in the hopes of coordinating action.
A senior administration official said Monday the US was prepared to take "substantive economic countermeasures" meant to inflict "significant and severe economic harm on the Russian economy" should Putin go ahead with a military escalation in Ukraine.
"We believe that there is way forward here that will allow us to send a clear message to Russia there will be genuine and meaningful and enduring costs to choosing to go forward -- should they choose to go forward -- with a military escalation," the official said, briefing reporters ahead of Biden's planning video call with Putin on Tuesday.
People familiar with the discussions said new economic sanctions could target a variety of sectors, including energy producers and Russian banks. The new sanctions could also go after Russia's sovereign debt.
They are also likely to go after top Russian oligarchs, limiting their ability to travel and potentially cutting off access to American banking and credit card systems.
Officials have also been weighing disconnecting Russia from the SWIFT international payment system, upon which Russia remains heavily reliant, according to two sources familiar with the discussions. This is being considered a "nuclear" option. The European Parliament passed a nonbinding resolution in the spring calling for such a move should Russia invade Ukraine, and the US has been discussing it with EU counterparts.
There is also serious discussion underway about denying Russian energy producers from debt markets in case of an invasion, per a senior administration official.