Ukraine foreign minister voices anger as EU leaders decide against blocking Russia from international payments system.
“This is now a critical moment for the history of the European union, the history of Europe,” he said. Officials suggested that Swift may be held back as part of a “third tranche” of sanctions. She said: “This package includes financial sanctions that cut Russia’s access to the most important capital markets. Three quarters of Russia’s current commercial air fleet were built in the European Union, the US and Canada. And therefore, they are massively depending on that.” “We cannot have the luxury of being a discussion club,” he said. “There are a range of views on it and we recognise it is a challenge. This will degrade the key sector of Russia’s economy and the country’s connectivity. Later Zelenskiy claimed that Russian assassins were in the Ukrainian capital and that both he and his family were on a kill list. But it is certainly the prime minister’s intention so we will continue to have those discussions.” UK sources said Johnson had also made a major play for leaders to withdraw Russia’s access to Swift during his G7 speech to other world leaders. “Everyone who now doubts whether Russia should be banned from Swift has to understand that the blood of innocent Ukrainian men, women and children will be on their hands too. “I will not be diplomatic on this,” he tweeted.
Denying Russian banks access to Swift is far from a given. It would, for instance, undermine Europe's capacity to pay for Russian oil and gas, perhaps raising ...
Disconnecting Russia from the SWIFT payment system could cripple its ability to trade with most of the world.
But if it is the top 30 Russian banks then that is an entirely different matter,” he said. “Half the consumer market is going to disappear. “This is the end of a significant part of the economy,” Aleksashenko added. That would be crucial to the measure’s impact, said sanctions and banking experts. Therefore, if Russia is disconnected from SWIFT, then we will not receive [foreign] currency, but buyers, European countries in the first place, will not receive our goods – oil, gas, metals and other important components of their imports. “SWIFT is a settlement system, it is a service.
UK want make dem ban Russia from di Swift financial network, but oda kontries dey resist am.
Di risk of international banking wahala e go cause dey too big, some pipo tok. Swift na di global financial vehicle wey dey allow for di smooth and fast transfer of money across borders. With di way energy prices don already go up, further disruption na something many goments wan to avoid. However, dem ban Iran from Swift for 2012, as part of sanctions over im nuclear programme. However, e go also come back to touch oda kontries and companies because, for example, buying oil and gas from Russia go dey interrupted. But Swift no be like di traditional High Street bank.
Frances Coppola, an economist and blogger, tweeted that the US decision to ban Russian banks from dollar clearing was “way more draconian” because dollar ...
Because while kicking Russia off it would make life awkward for western countries which buy a lot of Russian gas – like Germany – the west’s failure to take this step sends out a terrible message. And it’s one which will have been heard by Putin, a master of the politics of divide and rule. Swift is sufficiently important to have been used as a lever before, notably on Iranian banks in 2012 as a result of the country’s nuclear programme. Coppola also described the lack of action of Swift as “disappointing” because it is. Swift is a key piece of financial plumbing; a secure messaging system banks use to facilitate making cross-border payments. The fact that this is still happening is incomprehensible.
Canada, the United States, Britain and the European Union on Friday said they could act to exclude Russia from the SWIFT global interbank payments system in ...
Canadian Prime Minister Justin Trudeau said his country strongly supported barring Russia from the system. SWIFT is a secure messaging system that facilitates rapid cross-border payments and is the principal mechanism for financing international trade. Register now for FREE unlimited access to Reuters.com