Limiting the access of the Russian Federation to the SWIFT system of international payments can be compared with the explosion of an “atomic bomb” in the market of capital, goods and services. This opinion was expressed on January 16 by the future chairman of the German Christian Democratic Union (CDU), Friedrich Merz.
“I foresee a massive economic downturn for our economies too if something like this happens. It would affect Russia, but it would also harm us, ”he said in an interview. ZDF.
On January 14, Bundestag MP from the Alternative for Germany, Mariana Harder-Kühnel, said that Russia’s disconnection from SWIFT would have serious consequences, especially for energy prices in Germany.
As the head of the Eastern Committee of the German Economy, Oliver Hermes, stressed on January 12, Russia’s disconnection from SWIFT will create serious problems in the financial market of the West. According to him, in such a scenario, financial institutions working with Russia will suffer special economic damage.
On December 30, the Minister of Finance of the Russian Federation Anton Siluanov said that the disconnection of the Russian Federation from the SWIFT system is not beneficial to anyone. To do this, Europe would have to abandon Russian goods. On December 20, First Deputy Chairman of the Bank of Russia Olga Skorobogatova also said that the exclusion of Russia from the international interbank system for transmitting information and making SWIFT payments is unprofitable for other states. She added that SWIFT is a cooperative with more than 100 countries participating.
On January 12, 2022, a group of Democratic senators in the United States submitted a bill providing for the introduction of new sanctions against Russia in case the situation around Ukraine escalates. The initiative was put forward by the chairman of the Committee on Foreign Affairs of the US Senate Robert Menendez (Democrat from New Jersey). He, at the head of 25 of his fellow Democrats, presented the “Act for the Protection of the Sovereignty of Ukraine.”
The exact measures have not yet been disclosed, but according to The Washington Post, the sanctions will target specific individuals from government and military circles. They will affect the banking sector and the SWIFT system. The White House supports the bill on sanctions against the Russian Federation, the newspaper writes.
#future #CDU #spoke #consequences #disconnection #Russian #Federation #SWIFT