Leaders of the Group of Seven(G7) nations have unveiled plans to remove a number of Russian banks from the Society for Worldwide Interbank Financial Telecommunication(SWIFT) system. 

The leaders of the U.S., Britain, France, Germany, the European Commission, Italy and Canada revealed the plans on Saturday regarding the international communication system that facilitates global transactions for thousands of financial institutions. The leaders said they are committed to ensuring that Russian banks are disconnected from the international financial system and their ability to operate globally is harmed.

The leaders also disclosed intentions to block Russia’s central bank from using its roughly 630 billion dollar-stockpile of foreign reserves, a move that is expected to deal a significant blow to Russia’s finances. 

The G7 leaders unveiled the plans the same day U.S. President Joe Biden said that Russia will pay a serious price for its invasion of Ukraine, particularly in the long term.

Meanwhile, the U.S. and Albania requested the UN Security Council to convene an emergency meeting on Monday to adopt a resolution on the Russian invasion of Ukraine.