US and European officials hold one key financial sanction against Russia in reserve, determined not to exclude it from the dominant system of global financial transactions - SWIFT, Associated Press reported.

The military operation of Russia in Ukraine became the reason for numerous sanctions imposed by the US and the EU against Russia.

However, US President Joe Biden, speaking about the possibility of blocking Russia from SWIFT, noted that although this always remains an option, this is not the position that the rest of Europe wants to take now. He also suggested that imposed sanctions will have more teeth.

The sanctions that we have imposed are outside the scope of SWIFT, Biden said in response to a related question on Thursday.

Let's talk in another month or so to see if they work, Biden added.

However, some European leaders, including those in the UK, are advocating an additional step: blocking Russia from SWIFT.

Ukraine is also pushing for Russia's exclusion from SWIFT, but some European leaders prefer not to lose patience, as a ban could hamper international trade and hurt their economies.

As Deutsche Welle notes, some EU countries fear the consequences of Russia's disconnection from the SWIFT payment system. In addition, a number of countries are against the fact that the sanctions due to the invasion of Ukraine affect the supply of Russian oil and gas.

Germany's government spokesman Steffen Hebestreit said on Friday that Italy and France also share this opinion, believing that it is technically difficult to implement this measure, it will require lengthy preparations and its consequences will be felt in Europe.

According to Hebeshtreit, some EU states oppose the imposition of any sanctions against Russia related to oil and gas supplies, since they cannot be immediately replaced.