The United States and key allies will cut Russian banks out of the global financial messaging system SWIFT and begin to target Russia’s central bank, according to a White House statement on Saturday. The move is the most drastic financial sanction yet on Russian President Vladimir Putin over his brutal, ongoing invasion of neighboring Ukraine. The statement said the U.S., top European economies, Britain, and Canada would disconnect selected Russian banks from SWIFT, which will severely hurt their ability to operate internationally, and prevent Russia’s central bank from using its foreign currency reserves to evade Western sanctions. The pro-Ukraine countries will also make it harder for wealthy Russians to obtain Western citizenship and launch a task force to freeze the assets of Russian elites — a bid to pressure Putin by hurting his friends.“We stand with the Ukrainian people in this dark hour,” the statement continued. “Even beyond the measures we are announcing today, we are prepared to take further measures to hold Russia to account for its attack on Ukraine.”The announcement came as Russian forces continued to try to capture Ukraine’s capital of Kyiv and strategic targets elsewhere in the country. It represents a significant escalation by America’s European partners, many of whom worry about the economic toll their own countries will experience if they cut off ties with Russia.Earlier in the day, Germany — a key holdout on the SWIFT sanctions — signaled a harder position against Putin by sending anti-tank weapons to the Ukrainians and lifting a hold on the Netherlands doing so with German-made arms.“The Russian invasion marks a turning point. It is our duty to support Ukraine to the best of our ability in defending against Putin’s invading army,” German Chancellor Olaf Scholz said.This is a developing story. Please check back for updates.