Exclusion from Swift
West wants to dry up Russian financial sector
02/26/2022, 11:41 p.m
In response to the Russian invasion of Ukraine, a group of Western allies decide to exclude Russian banks from the Swift international payment system. Russian imports and exports are to be stopped in this way.
The United States, the European Union and other Western allies have decided to exclude Russian financial institutions from the Swift banking communications network. This was announced by the spokesman for the federal government, Steffen Hebestreit, in the evening.
In addition to the United States, France, Canada, Italy, Great Britain, the EU Commission and Germany were involved in the decision. lifting dispute wrote, all Russian banks, already sanctioned by the international community, would be excluded from the global payments system. “If necessary,” this will also affect other Russian banks. “The aim is to cut off these institutions from international financial flows, which will massively restrict their global activities.” EU Commission President Ursula von der Leyen explainedthis will prevent banks from operating globally and will stop Russian imports and exports.
The countries had also decided to further restrict the possibilities of the Russian central bank to support the ruble exchange rate with international financial transactions. “The sanctions that have been decided are also aimed at individuals and institutions in Russia and elsewhere who support the war against Ukraine,” Hebestreit said. “In particular, the possibility for wealthy Russians to obtain a so-called golden passport and thus European citizenship for themselves and their family members should be ended.” Some EU countries naturalized rich Russians for money.
Further measures possible
The government spokesman announced that the EU and the US would set up a working group to ensure the speedy implementation of the sanctions “and freeze the assets of sanctioned individuals, their families and companies”. The countries are ready to take further measures “should Russia not end its attack against Ukraine and thus against the European peace order”.
Federal Finance Minister Christian Lindner had previously said that Germany had been working intensively with its international partners to isolate Russia for some time. At the same time, Lindner said there should be “no reason for necessary deliveries of raw materials to be interrupted”. Similarly, Federal Foreign Minister Annalena Baerbock and Vice Chancellor Robert Habeck said that “a targeted and functional restriction of Swift” was necessary. The federal government is working “under high pressure on how the collateral damage of a decoupling (Russia) from Swift can be limited in such a way that it hits the right people”.
Hebestreit did not say whether the Federal Government believes that this goal has been achieved with the current resolutions.