War in Ukraine: Switzerland could freeze Russian assets today

Created: 02/28/2022, 06:44

By: Teresa Toth, Johannes Nuß, Karolin Schäfer, Max Schäfer, Nico Scheck

Russian banks are excluded from the Swift international payment system.

Other banks are to follow.

Now Switzerland is probably also reacting.

• The West reacted to the attack from Russia* on Ukraine* with sanctions.

• Together with its allies from Europe, the USA* decide to exclude Russian banks from the international banking communication network Swift.

  Japan is going along.

• Should Vladimir Putin* not stop the attacks on Ukraine, Germany and the European Union want to decide on further sanctions.

Update from Monday, February 28th, 2022, 6:35 a.m.:

After increasing criticism from home and abroad, Switzerland is expected to freeze Russian assets on Monday.

It is "very likely" that the Federal Council will decide this at an extraordinary meeting on Monday, Swiss President Ignazio Cassis told the Swiss television station SRF on Sunday.

He cannot yet anticipate the result, but the final decision will definitely take Switzerland's neutrality into account.

+++ 10:08 p.m .:

The world chess association FIDE has announced consequences after the Russian attack with Belarusian help on Ukraine.

The association will terminate "all existing sponsorship contracts with Belarusian and Russian companies that are state-controlled or sanctioned".

Also, no new contracts will be signed with such companies, FIDE announced on Sunday after an extraordinary meeting of its council.

Sergej Lavrov (4th from left), Foreign Minister of Russia, talks to Ignazio Cassis (4th from right), President of Switzerland.

© Jean-Christophe Bott/dpa

War in Ukraine: EU wants to 'block more than half of Russia's central bank reserves'

+++ 8:01 p.m .:

As part of new EU sanctions, other large banks in Russia will be excluded from the international payment system Swift – this was announced by top EU diplomat Josep Borrell on Sunday (February 27th, 2022).

"These measures will block more than half of Russia's central bank reserves," Borrell said in a speech.

Measures against neighboring Belarus are also being tightened.

Ursula von der Leyen also announced that the EU would finance the purchase of arms for Ukraine.

The EU is doing this "because this war requires our commitment to support the Ukrainian army," Borrell added.

Ursula von der Leyen and Josep Borrell announce further sanctions against Russia.

© Stephanie Lecocq

War in Ukraine: BP divests stake in Russian oil giant

+++ 19:17:

As the British energy company BP announced on Sunday evening, it is parting with its stake in the Russian oil giant Rosneft.

This was previously 19.75 percent.

According to British media reports, BP gave in to pressure from the government in London.

Linked to the exit is the resignation of BP boss Bernard Looney and his predecessor Bob Dudley as board members of Rosneft.

Ukraine War: Japan joins Swift lockdown

+++ 17:38:

After the United States and its allies from Europe agreed on a Swift exclusion for Russia, Japan also decides on financial sanctions.

Accordingly, the financial assets of Russian President Vladimir Putin "and other key government officials" are to be frozen, according to Japanese Prime Minister Kishida Fumio, according to public broadcaster NHK.

The British energy company BP is selling its stake in the Russian oil giant Rosneft.

© Caroline Spiezio/dpa

In addition, Japan joins the US and European countries in blocking selected Russian banks from the Swift international payment system.

Fumio stressed that a unified response is important to protect the international order.

Ukraine war: State agency Tass excluded from European news agency

+++ 17:18:

The European news agency association EANA (European Alliance of News Agencies) has the Russian state agency Tass no longer able to report impartially, the European news agency association EANA has suspended them.

Russian regulation restricts media freedom so severely that it violates Allianz's mission statement.

The Russian media regulator prohibits the media from using terms such as “attack”, “invasion” or “declaration of war” in the context of reporting on Ukraine.

References to killed civilians would also have to be deleted.

"Against this background and also due to the request of some members to expel TASS from the EANA, the Board, as the executive body of the alliance, has unanimously decided to suspend TASS from the EANA immediately, until a general assembly decides according to the statutes whether to expel TASS from our alliance should be," said the EANA.

Ukraine war: Huge casualties among the elite

+++ 2:07 p.m .:

Putin’s attack on Ukraine not only affects the country itself, but also affects the assets of its closest allies.

Russian billionaires have already lost more than $126 billion in fortunes since February 16 in the stock market crash, according to a report by Forbes magazine.

Vladimir Putin himself called the loss a "necessary measure" in a meeting with some top business figures, including at least 13 billionaires.

The looming sanctions, reaching beyond the small circle of billionaire oligarchs and corporations, could further damage the fortunes of Russian billionaires.

The Swift banking communications network is based in Brussels.

© James Arthur Gekiere/dpa

Ukraine war: Gazprom continues to deliver despite Swift exclusion

+++ 12.33 p.m .:

Russia’s central bank wants to ensure stability even after the country’s banks have been excluded from the Swift international financial communication system.

There is sufficient capital and liquidity for uninterrupted functioning in any given situation, the bank said on Sunday.

"All client funds remain in the accounts and are accessible at any given moment," the statement said.

Banking services would also work as usual.

However, numerous Russian bank customers had reported problems withdrawing money from ATMs and paying with cards.

Financial transactions within Russia would be secured by the new Russian system SPFS, it said.

In response to Russia's war in Ukraine, the German government, together with Western allies, decided to exclude Russian banks from the Swift international financial communication system.

Already after Russia's annexation of the Ukrainian Black Sea peninsula of Crimea in 2014, calls were made to exclude Russia from Swift.

Since then, the country's leadership has been preparing for such a possible step and has created the Russian equivalent SPFS, to which banks can fall back.

Ukraine war: Gazprom continues to deliver despite Swift exclusion

+++ 11.20 a.m .:

Despite the attack by Russian troops on Ukraine, Russia says it continues to deliver natural gas to Europe.

The gas flow through the pipeline in neighboring Ukraine is in "normal mode", said the spokesman for the state-owned company Gazprom, Sergey Kupriyanov, according to the Interfax news agency.

"In line with requests from European consumers," 107.5 million cubic meters of gas were to be pumped to Europe on Sunday.

If the capacity of the line is exhausted, the Russian-European line Yamal will be used.

In the course of the serious conflict between Russia and the West, there are fears that Russia could stop its gas supplies to Europe.

Moscow recently emphasized its role as a reliable supplier.

Putin and Clemens Tönnies, former chairman of the supervisory board at Schalke 04, celebrate sponsor Gazprom.

© Astakhov_Dmitry

Ukraine war: Swift exclusion of Russian banks decided

+++ 9.56 a.m .:

The exclusion of Russian banks from the international communication network Swift could further exacerbate the currency crisis in Russia.

The exclusion would mean that the Central Bank of Russia would no longer be able to support the exchange rate of the national currency, the ruble, through international transactions.

According to EU Commission President Ursula von der Leyen, "the assets of the Russian central bank will be blocked." This is reported by the website of Die Zeit.

+++ 6:20 a.m .:

After the exclusion of a large part of the Russian banks from the bank communication network Swift, Germany decided on further sanctions against Russia.

The airspace over the Federal Republic is now closed to all Russian aircraft.

Transport Minister Volker Wissing (FDP*) announced this early in the morning.

Lufthansa had previously canceled all civil flights to Russia.

Ukraine conflict: Russian banks banned from Swift

+++ 4:06 a.m .:

Because of the Ukraine conflict, the foreign ministers of the G7 countries will meet online for an emergency meeting on Sunday.

Germany is also part of the G7 group.

The meeting was announced by Japanese Foreign Minister Yoshimasa Hayashi on Japanese TV.

Kyiv under fire.

The West has responded to Russia's attack on Ukraine with tough sanctions.

© Daniel Leal/afp

Ukraine conflict: Russia is excluded from Swift

Hayashi wants to reconfirm the cooperation with the other partners "to improve the situation," it said.

Russia's invasion was "a unilateral attempt to change the status quo by force," the Japanese foreign minister was quoted as saying.

Russia's actions are "absolutely unacceptable because it clearly violates international law".

Japan had joined the US and Europe in imposing sanctions on Russia.

Update from Sunday, February 27, 12:50 a.m .:

The UN Security Council meets on Sunday for a special session about the Russian invasion of Ukraine.

The United States and Albania have presented a draft resolution to convene the UN General Assembly, the AFP news agency learned from diplomatic circles on Saturday.

This decision is to be voted on on Sunday afternoon (9 p.m. CET).

US government supplies anti-tank guided missiles to Ukraine

+++ 8.30 p.m .:

For the “immediate defense” of Ukraine, the US government around Joe Biden * Kiev has now secured up to 350 million US dollars (312 million euros).

As US Secretary of State Antony Blinken explained, the military support is intended to help defend against the Russian threat.

In addition, the USA* provides Javelin-type anti-tank guided missiles, as a representative of the US Department of Defense explained to the dpa.

Overall, the United States has already delivered many weapons and ammunition to Ukraine.

This means that American military aid has totaled around one billion US dollars since last year.

Putin's war: Russia's decoupling from the Swift system planned

+++ 7.30 p.m .:

After the federal government’s change of course to deliver weapons to Ukraine, Russia’s decoupling from the Swift system is apparently also being worked on.

The dpa reported, citing the information provided by several ministers.

"We are working on decoupling Russia from the Swift system in such a way that collateral damage remains as small as possible," said Federal Justice Minister Marco Buschmann (FDP) on Twitter.

Foreign Minister Annalena Baerbock and Economics Minister Robert Habeck * (both Green) also formulated a similar tweet that was distributed by the Foreign Office channel.

“At the same time, we are working flat out on how to limit the collateral damage of decoupling from SWIFT in such a way that it affects the right people.

What we need is a targeted and functional restriction of SWIFT.”

Ukraine conflict: Baerbock comments on arms delivery

In addition to anti-tank weapons, the export of 14 armored vehicles with special protection to Ukraine was also approved.

This was reported by the Federal Ministry of Economics and Climate Protection.

Such vehicles are intended for personal protection and, if necessary, for evaluation purposes.

At the same time, it is planned to deliver 10,000 tons of fuel to Ukraine via Poland.

“After Russia's shameless attack, Ukraine must be able to defend itself.

She has an inalienable right to self-defense.

The federal government is therefore also supporting Ukraine in providing urgently needed material," said Foreign Minister Annalena Baerbock * and Vice Chancellor Robert Habeck, according to the dpa.

Ukraine war: Poland demands more toughness from Germany on sanctions against Russia

+++ 16:26:

The Polish head of government Mateusz Morawiecki has denounced the "stone selfishness" of some countries, including Germany, in the Ukraine conflict.

At his meeting with Chancellor Olaf Scholz, Morawiecki said on Saturday to Polish journalists in Berlin that he wanted to "shake up Germany's conscience" so that it would finally decide on sanctions against Russia that were "really overwhelming".

"Only quick and severe sanctions" could stop Russia's aggression against Ukraine, says Morawiecki.

The Polish Prime Minister specifically demanded that not only the Nord Stream 2* gas pipeline be stopped, but also Nord Stream 1.

In addition, Russia must be excluded from the bank communication network Swift.

The Pole commented sarcastically on the previous German aid to Ukraine: “Five thousand helmets?

You must be joking.”

Russia sanctions: Swift ban?

Selenskyj puts pressure on Scholz

First report from Saturday, February 26th, 2022, 3:21 p.m.:

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 Kyiv, 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.

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.

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 Finance Minister explained.

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/AFP)