"The sanctions that were proposed on all their banks have equal consequence - maybe more consequences - than SWIFT number one," Biden said when announcing new sanctions targeting Russia's banks and economy on Thursday. President Joe Biden said earlier this week that pulling Russia out of SWIFT was something he was considering, but it was not fully supported by all European leaders. That is a major shift, even from a few days ago, and could bring about action more quickly. "What we need is a targeted and functional retrenchment of SWIFT vis-à-vis Russia.”
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“We are working flat-out on how to limit the collateral damage of a SWIFT decoupling so that it hits the intended target," she said in a statement Saturday. She also said that the country was attempting to figure out a way to limit blowback should countries target Russia's involvement in SWIFT - a secure messaging service that links 11,000 financial institutions in over 200 countries. German Foreign Minister Annalena Baerbock said Saturday that her country was working to further sanction Moscow for its invasion and is considering targeting Russia's involvement in the SWIFT banking system.īaerbock said that Ukraine had "an inalienable right to self-defense," explaining Germany's decision to send weapons and other military assistance to the country. and European allies are in total lock-step and has not wanted to get ahead of where the Europeans are at on SWIFT. The person said the Biden administration has been trying to sell the notion that the U.S. is seriously considering the measure if European allies are open to it, an administration official said, “As the president and officials have made clear, we are focused on coordinating with allies and partners to impose further costs on Putin for his war of choice.”Ī European diplomat said one reason for the administration’s previous reluctance to push publicly for targeting Russia’s access to SWIFT has largely centered on concerns that doing so would expose and call attention to divisions among the allies about taking the step. The Biden administration would be supportive of taking aim at Russia through SWIFT, a service that facilitates global transactions among thousands of financial institutions if there is consensus among America’s European allies, people familiar with the discussions signaled on Saturday.Īsked whether the U.S. The nations said they will launch a task force this week to ensure the implementation of the sanctions and identify and freeze assets of sanctioned people and companies within each of their jurisdictions. On that last bit, the group of nations said they will take "measures to limit the sale of citizenship - so-called golden passports - that let wealthy Russians connected to the Russian government become citizens of our countries and gain access to our financial systems." The allies said they "commit to ensuring that selected Russian banks are removed from the SWIFT messaging system," will impose "restrictive measures that will prevent the Russian Central Bank from deploying its international reserves in ways that undermine the impact of our sanctions," and that they "commit to acting against the people and entities who facilitate the war in Ukraine and the harmful activities of the Russian government."
"We will implement these measures within the coming days."
"As Russian forces unleash their assault on Kyiv and other Ukrainian cities, we are resolved to continue imposing costs on Russia that will further isolate Russia from the international financial system and our economies," the statement continued. "This past week, alongside our diplomatic efforts and collective work to defend our own borders and to assist the Ukrainian government and people in their fight, we, as well as our other allies and partners around the world, imposed severe measures on key Russian institutions and banks, and on the architects of this war, including" Putin. "We will hold Russia to account and collectively ensure that this war is a strategic failure for Putin," the joint statement read. The U.S., European Union, United Kingdom and Canada on Saturday announced that select Russian banks would be removed from the SWIFT payment system, a move that Ukraine had pushed allies for in recent days.
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