Western allies will also impose restrictions at the Central Bank of Russia, to limit its ability to support the ruble and finance its war effort.
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“SWIFT is the financial nuclear weapon, had launched Friday, February 25, the French Minister of the Economy, Bruno the Mayor. A weapon that Western Allies have resolved to use in a new volley of financial penalties against Moscow after the invasion of Ukraine, planning to exclude many Russian banks from the International SWIFT Financial Transaction System, Essential Wheel of International Finance and Trade.
The President of the European Commission, Ursula von der Leyen, announced it on Saturday to Sunday. “We are committed to ensuring that a number of Russian banks are removed from SWIFT, she said. This will prevent them from operating around the world and effectively block Russian exports and imports.” Are concerned “All Russian banks already sanctioned by the international community, as well as other institutions if necessary,” completed the German Government spokesperson, whose country is currently chairing the G7 Forum. The names of said banks, however, have not been specified.
The Western powers also indicated that they would impose restrictions at the Russian central bank, to limit its ability to support the ruble and finance its war effort. “We will paralyze the assets of the Central Bank of Russia. This will manage its transactions. And it will not be able to liquidate its assets,” said Ursula von der Leyen. These measures are intended to prevent Vladimir Putin from using $ 630 billion (559 billion euros) of foreign exchange reserves from the Central Bank, a “Treasury of War”, according to the terms of M me Von der Leyen, that Russia has managed to constitute, thanks in particular to the rise of the course of the hydrocarbons.
A statement identifying these new sanctions was endorsed by the European Commission, France, Italy, Germany, the United Kingdom, the United States and Canada. They will be applied “in the coming days”.
The Swift threat already brandished in recent years
The Westerners therefore chose not to disconnect all the Russian banks of the SWIFT system. This decision is the fruit of a compromise. Several European states, including Italy, Germany or Hungary, initially expressed reserves against a blockage that would paralyze any payment of goods from Russia or to Russia. “The Germans, in particular, did not want to exclude all Russian banks that allow them to buy gas,” explain in the entourage of a European minister.
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