Russia’s exclusion from the international banking system SWIFT It would have a huge impact on German business and requires a lot of preparation, a German government spokesman said today as European Union finance ministers met in Paris to discuss strengthening sanctions against Moscow.
The European Union “wants to sever all ties between Russia and the international financial system,” said French Finance Minister Bruno Lemerre. Russian invasion of Ukraine.
The French finance minister, speaking to reporters shortly before the start of the finance ministers’ meeting in Paris, said the French economy “has little exposure to Russia”.
“We want to isolate Russia financially (…) We want to dry up the financing” of the Russian economy, he said.
“Our goal is to bring the Russian economy to its knees, it will take time,” said Bruno Lemerre.
Between sanctions activated by the European Union against Russia, drastically restricting its access to European capital markets, hindering and burdening its debt financing.
The union will also limit Russia’s access to vital technology by depriving it of access to electronic equipment and software, with the aim of dealing a severe blow to its economy, Commission President Ursula von der Leyen explained yesterday.
“These sanctions will affect transport, the aviation sector, semiconductors, all technologies important to the Russian economy,” the French finance minister explained today, while another package of sanctions will affect specific individuals.
However, no action was taken in relation to the SWIFT international banking system, mainly due to German objections. “It’s the last choice,” said the French finance minister.
“Additional measures are possible, but we must be cautious about the consequences: the consequences must hit the Russian economy,” said German Finance Minister Christian Lindner, referring to his French counterpart. the German economy.
Germany is highly dependent on Russia for gas, and Moscow’s blockade of SWIFT could have serious consequences for Berlin.
Zelensky appeals for tougher sanctions
Earlier, Ukrainian President Volodymyr Zelensky called on the European Union to step up sanctions against Russia in order to punish it for invading Ukraine.
“All the possibilities for sanctions have not yet been exhausted. The pressure on Russia must increase. This is what I said to the President of the European Commission “Ursula von der Leyen”, wrote Volodymyr Zelensky on Twitter referring to SWIFT.
Kiev has called on Western countries to take the measure, which experts say is a financial “individual weapon” that could hurt European economists.
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