Sunday, May 22, 2022

Germany and Western Allies Agree to ban Russia From SWIFT

As part of the third round of sanctions aimed at deterring Russia’s invasion of Ukraine, Germany, and its Western partners have agreed to ban Russia from the SWIFT global financial system, according to a German government official on Saturday.

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The sanctions, which were agreed upon by the United States, France, Canada, Italy, the United Kingdom, and the European Commission, also entail restricting the ability of Russia’s central bank to support the rouble in the short term and in the long term.

The “golden passports” for wealthy Russians and their families will also be terminated, according to the spokesperson, and individuals and institutions in Russia and other countries that support the war against Ukraine will be targeted as well.

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According to him, “the countries expressed their willingness to take additional steps if Russia does not cease its war on Ukraine and, as a result, on the European peace order.”

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