New Delhi: Amid the Russian invasion of Ukraine, the European Union and several western countries on Sunday announced a slew of economic sanctions to put pressure on Russia. Chief among the prohibitive measures was banning "selected Russian banks" from the 'SWIFT messaging system', a global communication mechanism that runs secure, financial messaging services among 11,000 corporations in about 200 nations.
Tightening the noose further, the EU along with several other western countries including the USA, UK and Canada have decided to limit the sale of golden passports to wealthy Russians. Aimed directly at the Russian oligarchy, the sanctions aim to prevent "wealthy Russians connected to the Russian government" from circumventing the economic restrictions.
In a joint statement by leaders of the European Commission, France, Germany, Italy, the United Kingdom, Canada, and the United States, said that they were committed to acting against "people and entities who facilitate the war in Ukraine and the harmful activities of the Russian government."
Also read: What is SWIFT, and what could a Russian ouster mean for the rest of Europe
What is a "Golden Passport"?
A golden passport is a special type of passport that can be acquired by citizenship by investment or residency by investment programs, allowing an individual to gain citizenship in a certain country either by investing money or by purchasing property in that country.
The programs allow passports to be issued to investors and their families who are fast-tracked for citizenship.
