France supports the exclusion of Russia from the Swift network

“Some Member States have expressed reservations. We take this into account. France is not one of these states,” said Bruno Le Maire on Friday.

France pleads for a new toughening of sanctions against Russia, and says it is ready to drawfinancial nuclear weapon“. Questioned following an informal meeting of the Ministers of Economic and Financial Affairs of the European Union – in which Christine Lagarde and the European Commissioner Valdis Dombrovskis also took part -, Bruno Le Maire defended sanctions “massive», Assuming to want «weaken the core of Russia’s political and economic system».

«Swift is the financial nuclear weapon“, recalled the boss of Bercy. But a consensus for the use of this “armeddoes not yet seem to have emerged on a European scale:all options are on the table. The fact remains that when you have a financial nuclear weapon in your hands, you think before using it. Some Member States have expressed reservations. We take this into account. France is not one of these States“, he added.

«In the hours to come“, work will be carried out with the ECB and the European Commission to study the “consequences» of the use of this «armed“, developed the Minister of Economy and Finance. A few minutes later, a statement sent to the press indicated that the finance ministers of the European Union “[mettront] implemented [les] immediate financial and economic sanctions. These sanctions will be in place for as long as necessary and will be supplemented by new decisions.“, specified the representatives.

No consensus yet

Swift is an essential interbank messaging system used by the world of finance across the globe. Some players are calling for Russian banks to be prevented from using this system, seeing it as a particularly effective weapon to strike “in the heart» the country’s financial system. This is notably the case of the Ukrainian President, Volodymyr Zelensky. Similarly, the MEP and president of the Renew Europe group, Stéphane Séjourné, also called for “ban russia from swift now».

For now, however, Europeans seem divided on this issue. Asked about France Inter, Friday morning, the Minister of Foreign Affairs, Jean-Yves Le Drian, declared that this solution was not chosen “because we had to go fast and immediately mark our unity“. A way of underlining, between the lines, the disagreements between the Member States, confirmed by Bruno Le Maire a few hours later. However, the situation could change:all options are on the table“, recalled this afternoon the minister, when Joe Biden declared a few hours earlier that the use of this weapon remained”an option».

SEE ALSO – Russia wants to ‘free Ukrainians from oppression’, says Russian Foreign Minister

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.