The U.S., Canada and Europe are tightening financial restrictions on Russia with a new ban that blocks seven Russian banks from using SWIFT, the global messaging system that enables bank transactions, the European Union (EU) said Wednesday. The move is aimed at disrupting Russia’s ability to do business across borders.

The new ban follows an agreement forged on Saturday between Canada, the European Union, the United Kingdom and the U.S. to disconnect “selected Russian banks&…