October 5, 2022

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The US and EU want to kick out selected Russian banks from the SWIFT network

The US and EU want to kick out selected Russian banks from the SWIFT network

Russian banks may be disconnected from the SWIFT network. It seems from that Joint Report European Commission, France, Germany, Italy, Canada and the United States.

Swift is the Society for Worldwide Interbank Financial Telecommunication. The organization was established in 1973 to send financial messages. About 200 countries are currently affiliated with this network. Many Russian banks are likely to be disconnected from this network.

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Payment network

For a long time, closing the SWIFT network was seen as a serious option. Now it looks like the ball is rolling.

According to Al Jazeera, more than 300 Russian financial institutions are still affiliated with SWIFT. The exception is no access to the international payment network.

A look at the proposed activities:

  • “First of all, we promise to ensure that selected Russian banks are expelled from the SWIFT news system.
  • “Secondly, we promise to impose restrictions on the Russian Central Bank from deploying its international reserves in such a way as to minimize the impact of our sanctions.”
  • “Thirdly, we promise to take action against the people and institutions that facilitate the war in Ukraine and against the harmful actions of the Russian government, in particular, to prevent the sale of citizenship known as gold passports, and to allow rich Russians with ties to the Russian government to become citizens of our countries and to access our financial institutions. “
  • “Fourth, we promise to launch next week an Atlantic task force that will ensure the effective implementation of our financial sanctions by identifying and disabling the assets of individuals and entities allowed within our jurisdiction.”
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