The United States and its European allies agreed Saturday to new economic sanctions on Russia, blocking its access to the global financial system and restricting its central bank as retaliation for waging war in Ukraine.The US, European Union and UK cut some Russian banks out of the SWIFT international payment system, which moves billions of dollars a day between some 11,000 financial institutions.Western allies also restricted access to $600 billion in Russian Central Bank reserves, a move that was expected to send the value of the ruble plummeting while inflation soars.
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