The US and European Union (EU) are no longer considering cutting Russia off from SWIFT. This was reported on January 17 by the Handelsblatt newspaper, citing government sources.
They clarified that instead of disconnecting Russia from the system of international payments, the issue of targeted economic sanctions against the largest Russian banks is currently being discussed. The publication notes that the country’s disconnection from SWIFT could lead to destabilization of financial markets in the short term.
On January 12, a group of Democratic senators in the United States presented a bill providing for the introduction of new sanctions against Russia in case the situation around Ukraine worsens. The initiative was put forward by the chairman of the committee on foreign affairs of the US Senate, Robert Menendez.
The exact measures have not yet been disclosed, but according to The Washington Post, the sanctions will target specific individuals from government and military circles. They will affect the banking sector and the SWIFT system. The White House supports the bill on sanctions against the Russian Federation, the newspaper wrote.
On January 16, the future chairman of the German “Christian Democratic Union” (CDU), Friedrich Merz, said that restricting Russia’s access to SWIFT could be comparable to the explosion of an “atomic bomb” on the capital market, goods and services.
Whereas on December 30, 2021, the Minister of Finance of the Russian Federation Anton Siluanov emphasized that disconnecting the Russian Federation from the SWIFT system is not beneficial to anyone. To do this, Europe would have to abandon Russian goods, Siluanov added.
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
