Cotton: ‘It’s Time to Remove All Russian Financial Institutions from the International Payment System’

Sunday, Sen. Tom Cotton (R-AR) pushed to completely cut off Russia from the SWIFT international banking system to stop Russian aggression toward Ukraine.

Cotton told ABC’s “This Week” that to stop Russian President Vladimir Putin, “it’s time to remove all Russian institutions from the international payment system” and “impose sanctions on his oil and gas exports.”

“[T] here’s a lot more we can do,” Cotton outlined. “I first want to join all Arkansans in expressing my prayers and our support for the brave Ukrainians who are repulsing Vladimir Putin’s naked, unprovoked war of aggression. You’ve seen Ukrainian army elements overmatched with armor and airpower repulsing these attacks on Kyiv and Kharkiv and other cities. We’ve seen moms with their kids making Molotov cocktails, George — grandmas and grandpas who are reporting to get AKs so they can fight as well. But we can do more than prayers and hashtags and lighting up buildings, George. It’s time for the president and some of our European partners to quit pussyfooting around. The financial sanctions announced last night are riddled with loopholes.”

“I know that they say they’ve sanctioned 80% of the banks in Russia — well, Vladimir Putin controls 100% of the banks in Russia,” he continued. “He can use the other 20% to continue to finance his war machine. It’s time to remove all Russian financial institutions from the international payment system. It’s time to impose sanctions on his oil and gas exports, which he uses as his primary means of financial support. We need to rush those weapons that were announced for delivery yesterday to the front: anti-tank, anti-aircraft missiles, sniper rifles, ammunition, fuel supplies. It should have been done weeks ago, so better late than never. But the Ukrainians no time. They have no time, George. There’s not a minute to lose. And we need to stand with them.”

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