EU Commission to remove Russian banks from SWIFT cross-border network

The European Commission announced to region a fig of Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging system, aimed astatine hindering Russia’s capableness to transportation retired cross-border payments. 

In a associated connection released by the European Commission, leaders from France, Germany, Italy, the United Kingdom, Canada, and the United States highlighted their shared involvement successful defending Ukraine from the warfare against Russia:

“We volition clasp Russia to relationship and collectively guarantee that this warfare is simply a strategical nonaccomplishment for Putin.”

While condemning the Russian president Vladimir Putin’s determination to laic siege crossed Ukraine, the EU Commission committed to undertake a bid of measures to isolate Russia from the planetary fiscal system.

President of the EU Commission, Ursula von der Leyen announced 5 proactive measures against Russian authorities, starting with the removal of an undisclosed fig of Russian banks from the SWIFT messaging system.

First, we perpetrate to ensuring that a definite fig of Russian banks are removed from SWIFT.⁰
It volition halt them from operating worldwide and efficaciously artifact Russian exports and imports.

— Ursula von der Leyen (@vonderleyen) February 26, 2022

In summation to cutting Russia’s ties with SWIFT, the EU Commission volition “paralyze the assets of Russia’s cardinal bank,” creating different fiscal obstruction for the Russian cardinal slope to liquidate assets. As for the 3rd measure, EU Commission stated:

“We perpetrate to taking measures to bounds the merchantability of citizenship— alleged aureate passports—that fto affluent Russians connected to the Russian authorities go citizens of our countries and summation entree to our fiscal systems.”

The EU Commission volition soon motorboat a transatlantic task unit to guarantee effectual implementation of each the sanctions, which chiefly aims to frost the overseas assets of Russian officials, elites and their household members. As a 5th measure, the Commission plans to summation coordination against disinformation and different forms of hybrid warfare.

Related: Crypto could bypass President Biden's 'devastating' sanctions connected Russian banks and elites: Report

As planetary markets proceed to enforce caller fiscal restrictions connected Russia, a Cointelegraph study from Feb. 24 highlights however Russian billionaires could perchance circumvent immoderate sanctions enactment distant by the satellite leaders by utilizing cryptocurrencies.

— Scott Bixby (@scottbix) February 24, 2022 “If a affluent idiosyncratic is acrophobic that their accounts whitethorn beryllium frozen owed to sanctions, they tin simply clasp their wealthiness successful Bitcoin successful bid to beryllium protected from specified actions.”

Now that Russian banks hazard getting barred from SWIFT’s planetary fiscal network, crypto whitethorn beryllium the cardinal for affluent individuals to evade sanctions. Quantum Economics laminitis and CEO Mati Greenspan said: