More EU countries – including France, Italy and Greece – stated that they would support the ban on the use of the global Swift payment network in Russia in an attempt to put further pressure on the country after its invasion of Ukraine.
According to the Guardian, Cyprus and Hungary have also stated that they will support such a measure. The move is expected to hit Russian trade significantly, making it more difficult for Russian companies to do business.
Ukrainian Foreign Minister Dmitry Kuleba warned on Thursday that European and American politicians would have “blood on their hands” if they did not support the ban. On Friday, EU foreign policy chief Josep Borrell said the ban had not received the “necessary unanimity” but would remain “a possibility for further consideration”.
It is noted that Germany resists Russia’s blockade from the Swift system, on the grounds that it may have the wrong effect and affect more the population and less the Russian political class, while Russia has developed its own payment system so in theory it has an alternative if it is cut off from the Swift.
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