According to France's Finance Minister Bruno Le Maire, cutting off Russia from SWIFT remains on the table but as a last resort.

Meanwhile, the UK Defence Minister Robert Wallace said, “we'd like to cut Russia off from SWIFT.”

“It is difficult as "not every country wants them out,” Wallace added.

Market reaction

The risk sentiment is once again taking a hit on reports that Russia’s forces have entered the Obolon district in Kyiv.

The S&P 500 futures are down 1%, as of writing while gold price is holding the bounce around $1,913.