Russia is now “a global economic and financial pariah”

The penalties of West to exclude Russian banks from the global system and hamper the central bank convert to Russia in a financial “pariah” with a ruble in “free fall”, assured this Saturday a high American official.

Russia it has become a global economic and financial pariah,” he said, and now its central bank “cannot support the ruble.”


“Solo Putin can decide how much extra cost it is willing to take,” he said, adding that a task force would “go after” the “yachts, jets, fancy cars and luxury homes” of Russian oligarchs.

Western powers agreed on Saturday a new round of financial sanctions against Russia for having invaded Ukraine, including banishing several Russian banks from the interbank system SWIFT.

The White House states that West is determined to continue to impose sanctions “that will further isolate Russia of the international financial system and of our economies”.

The United States and the European Union (EU), along with other Western partners, agreed this Saturday to remove “certain” Russian banks from the international system Swifta strong economic measure in response to the military invasion of Ukraine by Russia.

“We are committed to ensuring that certain banks of Russia are removed from the message system Swift. This will ensure that these banks are disconnected from the international financial system and disrupt their ability to operate globally,” said a joint statement released by the White Houseand also signed by Canada and the United Kingdom.

The exclusion of Russian entities, whose names are not specified in the statement, from the Society for Global Interbank Financial Telecommunication (Swiftfor its acronym in English) comes after intense consultations in recent days between the US and European countries, some of which had raised their doubts about it.

The transaction system Swift It is the basis of the global financial system and is used by 11,000 banks in 200 countries or territories to make transfers.

Likewise, the Western allies agreed to “impose restrictive measures” against the Central Bank of Russia with the aim of “preventing the use of its international reserves to undermine the impact” of the sanctions.

In a phone call with journalists to explain these sanctions, an official from the White Housewho requested anonymity, stressed that “the effects of these measures will be felt immediately in the Russian financial markets” and pointed out that as a consequence the Russian currency, the ruble, “will go into free fall.”

On the other hand, the Western allies also pledged to act jointly to “limit the sale of so-called golden passports, which allow wealthy Russians connected to the government of Russia become citizens and gain access to the financial systems” of the countries that signed the statement.

“We stand with the people of Ukraine in this dark hour,” the document concluded, pointing to possible additional sanctions.

After months of tension, Russia launched a military operation in Ukraine on Thursday that began with bombings in several urban centers and continued with the deployment of troops, so that this Russian military units are tightening the siege of the country’s capital, Kiev.

In reaction to the Russian attack, the US, the EU and the other partners have announced a barrage of economic sanctions against Moscow, including the financial blockade of several of the largest Russian banks as well as the restriction of exports to Russia high-tech Western products.

AFP is a major global information agency that offers fast, verified and comprehensive coverage.

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