According to EU foreign policy leader Josep Borrell, Russia might still be cut off from the SWIFT international financial network because of Moscow’s military intervention in Ukraine.
On Friday, EU member states agreed to freeze Russian President Vladimir Putin’s and his foreign minister’s European assets, as Ukraine’s leader appealed for harsher measures to punish Russia’s invasion of his nation.
According to EU foreign policy leader Josep Borrell, Russia might still be cut off from the SWIFT international financial network because of Moscow’s military intervention in Ukraine.
The Situation of Other Countries
On his approach to the conference on Thursday night, Poland’s prime minister expressed his disappointment that stiffer penalties against Moscow had not been applied earlier.
“SWIFT is something that was not on the table since the conversation was not mature enough, but nothing is off the table. It is possible that it will be accepted in the next few days; however, this is dependent on the circumstances “Following the EU Foreign Affairs Council, Borrell spoke at a news conference.
The action against Putin and his top diplomat, Sergei Lavrov, came as EU envoys agreed on a fresh round of sanctions, their second this week, aimed at Russia’s elite and preventing 70 per cent of the country’s financial system from operating.
Germany and Italy, which rely on Russian gas supply and economic relations, asked the EU to postpone the most severe penalties, such as restricting oil and gas imports and excluding Russia from the Swift international payment system, for the time being.
In reaction to Moscow’s military campaign in Ukraine, Western nations have threatened to cut Russia off from SWIFT as part of economic penalties.
Future Prospects
“We’ve added President Putin and Foreign Minister Lavrov to the list,” German Foreign Minister Annalena Baerbock said as she met with her EU counterparts to discuss the latest sanctions.
They are concerned that if Ukrainians try to leave the conflict in huge numbers, they may find themselves on the front lines of a new migrant catastrophe.
Although the Russian leaders may not have vast assets in Europe, a senior EU official said the action against them individually was “a politically significant statement.”
By video conference, EU leaders saw Ukraine’s president deliver an “emotional but dignified” speech. Internally, too, must indicate that all member states are in this crisis together. For a long time.
Individuals, such as those wanting to send money to relatives in Russia, might be harmed by the SWIFT option, according to Baerbock, “whereas those who are responsible for the slaughter will still be able to perform their bank business.”
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