European Commission President Ursula von der Leyen has pledged to exclude Russian banks from the Swift financial system “to damage their ability to operate globally”
The long-discussed offer to exclude Russia from a crucial global banking system was almost signed tonight.
European Commission President Ursula von der Leyen has proposed excluding several target Russian banks from the Swift financial transaction system.
If this happens, it means that Russia will struggle to receive payments outside the country, which will lead to serious economic problems.
Germany opposed this move, but today she seemed even warmer to the idea.
Ms von der Leyen said: “As Russian forces launch their attack on Kiev and other Ukrainian cities, we are determined to continue to impose huge costs on Russia, which will further isolate Russia from the international financial system and our economies.
“In coordination with President Biden, President Macron, Chancellor Olaf Scholz and Prime Minister Draghi, as well as Prime Minister Trudeau and Prime Minister Johnson, we have considered significantly tightening our international response.
“The European Union and its partners are working to cripple Putin’s ability to fund his military machine.”
European Commission President Ursula von der Leyen has proposed excluding several target Russian banks from the Swift financial transaction system
Although it is widely believed that the Russian dictator will take Western sanctions into account in his calculations, the combined effect of punitive measures on the Russian banking system will put additional pressure on its economy.
The United States, Britain, Japan, Canada, Australia and the European Union have unveiled sanctions against Moscow in addition to sanctions earlier this week, including a move by Germany to shut down a gas pipeline from Russia.
President Joe Biden has taken further action against Russian banks, oligarchs and high-tech sectors, while the EU unveils its own new package, including financial, energy and technological sanctions.
FOLLOW MORE
Advertising