national security team from delaware today. ed o'keefe is there. ed, tell us more about the steps being taken. >> reporter: adriana, u.s. and european leaders are now preparing to take extraordinary measures against select russian banks by kicking them out of what's called the swift banking system, a messaging system that allows for easier international banking transactions. in a joint statement, president biden and european leaders also say they plan to place restrictions on russia's central bank, an especially bold move against a major global and nuclear power. they will target oligarchs and others close to vladimir putin to identify and freeze the assets they hold around the world. as one u.s. official explainedhe world. it to us tonight, "we'll go after their yachts, their luxury apartments, their money and their ability to send their kids to fancy colleges in the west." >> diaz: ed, russia has been under u.s. sanctions since 2014 when it annexed crimea and it hasn't had much of an effect. will these new sanctions work? >> reporter: that's what they're designed to do, adriana. the idea now is to squeeze