Russia sanctions: Swift ban?

Selenskyj puts pressure on Scholz

Created: 2022-02-26Updated: 2022-02-26, 3:25 p.m

By: Max Schaefer

Ukrainian President Volodymyr Zelenskyy calls for Russia to be excluded from Swift.

He also addresses Germany.

• Because of Russia's attack on Ukraine*, the West decides on sanctions.

• There is disagreement over whether Russia* should be excluded from the Swift banking communications network.

• Ukrainian President Volodymyr Zelenskyj is calling on Germany and Hungary to rethink.

Kiev/Berlin – After the outbreak of the Ukraine war, western states introduced sanctions against Russia.

However, a possible punitive measure has not yet been taken: Russia's exclusion from the international banking communication network Swift, which is necessary for foreign trade.

Great Britain*, among others, is in favor of this, but there are reservations in the EU.

In view of the fighting for the capital Kiev, Ukrainian President Volodymyr Zelenskyj is calling for consistent action by the EU.

Specifically, he calls on Germany and Hungary to support the exclusion of Russia from Swift.

Zelenskyy said in a video message on Saturday (February 26, 2022) that he hoped that Berlin and Budapest “will have the courage” to join a similar demand from numerous other European countries.

"There is already almost full support from EU countries to decouple Russia from Swift," Zelenskyy said.

At the same time, he again called for Ukraine to join the EU.

EU disagrees on sanctions against Russia: Swift ban coming?

Within the EU, there was initially disagreement about the Swift exclusion as a sanction against Russia.

Luxembourg's Foreign Minister Jean Asselborn defended the move on Friday (February 25, 2022).

"We cannot provoke another world trade crisis alongside this crisis that we are having now," said Asselborn.

Federal Foreign Minister Annalena Baerbock also spoke out against the measure.

Unlike the sanctioning of individual banks, decoupling Russia from the Swift system would have a “broad effect” and affect the population.

The aim, however, is to sanction those responsible for the "bloodshed".

Sanctions because of the Ukraine war: Swift exclusion of Russia more and more likely

However, the resistance of individual EU states against the Swift exclusion of Russia as a sanction in the Ukraine conflict* is decreasing.

According to the social democratic party leader Enrico Letta, Italy is now in favor of this measure.

Prime Minister Mario Draghi now supports the exclusion.

Draghi himself did not comment on this, but let it be known that Italy fully supports the EU's line on sanctions against Russia, "including those affecting Swift".

Earlier, Ukraine's President Zelenskyy tweeted that during a phone call, Draghi told him that Italy supported Russia's detachment from Swift.

When it comes to Russia sanctions in the Ukraine conflict, the pressure on Olaf Scholz is increasing.

© Kay Nietfeld/dpa

In Germany, too, the pressure on the federal government to agree to the exclusion of Russia from Swift is growing.

An exclusion of Russia from Swift is conceivable if the EU members collectively agree that the pressure on Russia can be further increased, Finance Minister Christian Lindner* (FDP*) said on Friday (February 25, 2022) at the meeting of EU finance ministers and Minister of Finance declared.

Ukraine crisis: pressure on Scholz because of Russia's Swift exclusion

In his own party, too, the pressure on Chancellor Olaf Scholz* (SPD) is growing because of his no to Russia's exclusion from Swift.

Juso chairwoman Jessica Rosenthal called on Saturday (February 26, 2022) to clear the way for this sanction.

“We must not shy away from imposing all sanctions at our disposal.

This also includes the exclusion of Russia from Swift, ”said the head of the SPD youth association* of the German Press Agency.

“We can really hurt the Russian government with this.

We should meet the demands of our Eastern European partner countries here.” (ms with dpa)