The United States, Canada, and other European allies released a joint statement on additional sanctions being placed on Russia, which states that "selected" Russian banks are removed from the SWIFT financial system.

"We commit to ensuring that selected Russian banks are removed from the SWIFT messaging system. This will ensure that these banks are disconnected from the international financial system and harm their ability to operate globally," reads the joint statement from leaders of the European Commission, France, Germany, Italy, United Kingdom, Canada, and the United States, which was released on Saturday.

The new sanction on certain Russian banks comes as Ukraine enters day four of the Russian invasion.

SWIFT provides messaging services to banks in over 200 countries, and is controlled by the central banks of the G-10, including Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, the United Kingdom, the United States, Switzerland and Sweden.... Read More: FOX Business