The governments that want to impose pain on Russia for its invasion might want to limit how much pain they incur by losing access to Russian energy and money, writes TPCarney.
But that “messaging system,” called SWIFT, is a crucial tool for all sorts of commerce across national borders, and plenty of commentators and leaders believe Russia needs to be knocked out of it.SWIFT is the Society for Worldwide Interbank Financial Telecommunications. As Radio Free Europe explains it:
If U.S. and European leaders agree, they could kick Russia off SWIFT, and thus Russian companies and the government might effectively be detached from the financial system of the rest of the world. But President Joe Biden made it clear in his Thursday remarks that some European governments aren’t totally on board with dropping Russia even after its invasion of Ukraine. All reporting points to the resisters being Germany, which famously has been cozy with Russia’s energy industry, and Italy.
Others add Putin has alternative ways to get and send money, so this action wouldn’t harm the regime that much. Cutting Russia out of SWIFT could push it toward China.
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