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Demonstration in Vienna against the war in Ukraine and for the exclusion of Russia from the Swift system
Photo: Martin Juen / imago images/SEPA.Media
Russia could now lose access to the Swift international banking network faster than expected.
According to information from SPIEGEL, a special meeting of EU foreign ministers was scheduled for Sunday at 6 p.m. According to the letter of invitation, it was supposed to be about "Russia's aggression against Ukraine".
According to several diplomats, the decision to exclude Russia from Swift could also be made.
This is supported by the fact that even the last remaining doubters among the EU member states have given up their resistance to the previously controversial step, including Germany.
Berlin said it was in favor of a "specific and functional" restriction of Russian Swift access.
Work is being done "at high pressure" on how Russia's decoupling from Swift can be limited in such a way that "it hits the right people," said Federal Foreign Minister Annalena Baerbock and Federal Minister of Economics Robert Habeck (Greens).
Luxembourg, which had supported Berlin in its negative attitude, has now swung to the new course.
Luxembourg's Foreign Minister Jean Asselborn told SPIEGEL that his government is also in favor of a "specific restriction" on Swift.
Italy, Cyprus and Hungary had previously given up their resistance.
This seems to pave the way for Russia's exclusion from Swift.
If the 27 EU countries agree politically by Sunday evening, the foreign ministers could theoretically already formally decide on the punitive measure.
According to diplomats, it had not yet been finally clarified on Saturday evening whether and in what form this would actually happen.
Swift (»Society for Worldwide Interbank Financial Telecommunication«) is the world's largest payment network, involving around 11,000 banks in more than 200 countries.
It is the basis of most international transfers.
If Russia were to lose access, the consequences for its economy would be devastating: it would be difficult or even impossible for companies and banks to do business with partners in other countries.
However, the consequences could also be painful for western countries, especially Germany, which imports huge amounts of gas, coal and oil from Russia.
These imports could hardly be paid for if Russia were excluded from Swift.