War in Ukraine – The West detonates the “economic nuclear bomb” – News

  • Western countries have decided to exclude Russian financial institutions from the Swift banking communications network.
  • This was announced by government spokesman Steffen Hebestreit on Saturday evening in Berlin.
  • The decision was made by the United States, France, Canada, Italy, Great Britain, the European Commission and Germany.

All Russian banks that have already been sanctioned by the international community are affected. If necessary, other Russian banks should also be added.

This should cut off these institutes from international financial flows, which would massively restrict their global activities. The exclusion of Russian financial institutions from Swift is considered a kind of “economic nuclear bomb”.

sanctions against individuals

In addition, according to the federal government, the countries decided to further restrict the possibilities of the Russian central bank to support the ruble exchange rate with international financial transactions.

“As a result, the EU is also losing billions”


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Short assessment of the Brussels correspondent Michael Rauchenstein on the Swift decision:

“At the EU summit on Thursday, Italy, Germany, Hungary and Cyprus in particular still blocked the Swift measure. Germany’s Foreign Minister Annalena Baerbock had also made a cryptic statement in Brussels.

It is clear – with this decision, billions will also be lost for the European states. Italy and Germany in particular are heavily dependent on Russia for natural gas alone. It is quite possible that Putin will no longer send natural gas – if he can afford it economically.

So that Italy’s Prime Minister Mario Draghi and Federal Chancellor Olaf Scholz agree to this measure is extraordinary. It is a clear sign that solidarity with Ukraine and isolating Putin is more important than one’s own economy.”

The sanctions adopted were also aimed at individuals and entities in Russia and elsewhere who supported the war against Ukraine. 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.

Swift implementation of the sanctions

In addition, a working group with representatives from the USA and the European Union should be set up to ensure the speedy implementation of the sanctions and to freeze the assets of sanctioned individuals, their families and companies.

The countries therefore emphasized their willingness to take further measures should Russia not end its attack on Ukraine and thus on the European peace order.

«Putin has chosen a course aimed at the destruction of Ukraine. But in doing so he is also destroying the future of his own country, »said EU Commission President Ursula von der Leyen. The new sanctions are imposing massive costs on Russia.

“Erosive Effects”

Russia will continue to be isolated from the international financial system and western economies. Work continues to limit Putin’s ability to finance his war machine. Putin is also prevented from using his war chests.

In addition, the financial possibilities of Russian oligarchs would be curtailed. The measures would have “eroding effects” on the Russian economy.

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