It already seems more likely Russia to be excluded from the global system of bank payments SWIFT – a step that some countries were reluctant to take, said in a comment to Reuters.
Germany and Italy have softened their opposition to Russia’s expulsion from the world’s main international payment network, US and European officials said. This would affect Russian trade and would make it difficult for Russian companies to do business.
Latvia claims: West to cut Russia off from SWIFT, to hit Nord Stream 2
As well as strengthening NATO’s eastern flank
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Italy, which was reluctant to take the step, said on Friday it would not veto proposals for banning Russia to the world financial system and promised to continue working in unison with its EU partners.
Germany, which has the largest EU trade turnover with Russia, is also open to banning Russia from accessing SWIFT, but needs to calculate the consequences for our economy, Finance Minister Christian Lindner told Reuters.
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EP proposes excluding Russia from SWIFT and abandoning oil and gas in invasion of Ukraine
As well as harsh measures against Russian oligarchs in the EU
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The prime ministers of Great Britain and Canada, Boris Johnson and Justin Trudeau, want it immediate removal of Russia from SWIFT. That would mean a significant escalation of sanctions already imposed on the Kremlin and its leadership, including some directed against Vladimir Putin and his foreign minister, Sergei Lavrov.
Trudeau said he had discussed with Boris Johnson the next steps against Putin and Lavrov. Canada and Britain have agreed to impose new third sanctions on the Kremlin.
