October 3, 2022

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Exclude Russia from the SWIFT system or not?  Germany is under pressure

Exclude Russia from the SWIFT system or not? Germany is under pressure

The study on the exact results for the euro countries is being carried out by the European Central Bank (ECB) and the European Commission.

Some member states are reluctant to hit Russia with the SWIFT system. By expelling the country from the alliance of banks, it will become very difficult for “ordinary” people to transfer money to their relatives in Russia, as Germany fears, for example.

European companies will also suffer because payments from customers or payments to suppliers will become more complex. European Union finance ministers met in Paris to discuss, among other things, the consequences of the situation in Ukraine for the European economy.

Italy is over

Italy had previously seemed opposed to Russia’s shutdown of the SWIFT system, but Ukraine’s foreign minister received support from his Italian counterpart, he reported via Twitter earlier this evening.

Unlike Italy, Cyprus and Germany have not yet surrendered. The German foreign minister said that this measure may have unintended consequences. She was referring, among other things, to the inability to fund NGOs in Russia.

Germany has not yet intervened

Annalina Barbuk also said, for example, that Russian students abroad can no longer transfer money to their grandparents. According to Beerbock, sanctions against banks are a “stronger sword” than Swift’s.

The political reporter says: “Since the blockade of Germany and Italy, among other countries, a storm of criticism has erupted. From Ukraine, the United States and European countries. The pressure on Germany and Italy to continue to apply Swift’s punishment is great,” says political correspondent Vons Lampe.

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Huge pressure on Germany

“Italy has already declared that it will no longer use its veto. More and more voices are being expressed in German politics. In Brussels, the diplomats involved anticipate that if Germany really stops the resistance, Swift’s punishment can still be imposed. The Commission is working The European Union and the European Central Bank are already on a careful map of the consequences and impacts, so implementation is getting closer.”