U.S. and European officials are holding one key financial sanction against Russia in reserve.
Thursday. The sanctions are meant to isolate, punish and impoverish Russia in the long term. President Joe Biden announced restrictions on exports to Russia and sanctions against Russian banks and state-controlled companies.
Ukraine has sought for Russia to be excluded from SWIFT, but several European leaders would prefer to stay patient because a ban could make international trade more difficult and hurt their economies.“A number of countries are hesitant since it has serious consequences for themselves,” said Dutch Prime Minister Mark Rutte, who believes a ban should be a last resort.
But Sen. Jim Risch of Idaho, the top Republican on the Senate Foreign Relations Committee, said the SWIFT ban would be complicated and time-consuming in part because the U.S. doesn't have control over the decision.The problem is that banning Russia from SWIFT might not cut it off from the global economy as cleanly as proponents think. Also, there could be blowback in the form of slower international growth. And rival messaging systems could gain users in ways that erode the power of the U.S.
The sanctions announced Thursday would still accomplish much of what would happen if Russia lost access to SWIFT, said Clay Lowery of the Institute of International Finance. Russia has already prepared for ways to evade sanctions, including those imposed this week, experts say.
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