Western countries have adopted new sanctions against Moscow after the invasion of Ukraine, in particular by deciding to exclude many Russian banks from the Swift interbank platform, an essential cog in global finance, announced the German government.
Are concerned “all the Russian banks already sanctioned by the international community, as well as if necessary that other institutes”, specified the spokesman of the German government, whose country currently chairs the G7 forum.
These measures have been taken by the United States, France, Germany, Great Britain, Canada, Italy and the European Commission.
According to the European Union, about 70% of the Russian banking sector is currently affected by the sanctions.
In addition, the Western partners have decided to further restrict the access of the Russian central bank to the capital markets, in order to make more difficult its attempts to support the course of the rouble, in decline following the war in Ukraine.
European Commission President Ursula von der Leyen has spoken of “crippling” the assets of the Russian central bank.
The new sanctions will finally go after the Russian oligarchs and their families to prevent them from obtaining the nationality of Western countries, the “golden passport”.
All of these countries (the United States, France, Germany, Great Britain, Canada, Italy and the European Commission) “have stressed that they are ready to take additional measures if Russia does not put an end to to its attack on Ukraine and therefore on peace in Europe,” the spokesperson stressed.
Swift, an “atomic weapon”, in financial matters
Swift is one of the largest banking and financial messaging networks. It allows interbank settlements between institutions around the world and avoids, for example, Germany having to pay for its Russian gas in cash.
Excluding a country from this system is considered an “atomic weapon” in financial matters. Because disconnecting a State from Swift also means preventing its own banks from making transactions with the banks of the punished country.
Invasion of Ukraine: Swift, this “weapon” that could cripple the Russian economy?