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War in Ukraine: “other Russian banks” soon excluded from Swift, according to the head of EU diplomacy

2022-05-03T06:13:08.044Z


The sixth package of sanctions decided by Brussels against Russia provides for the withdrawal of "other banks" from the Swift interbank system,


The new European sanctions package against Russia will not be softer than the previous ones.

This sixth part of sanctions, taken against Moscow for having invaded Ukraine, must be presented this Tuesday by the European Commission.

It should include, in particular, the withdrawal of "other banks" from the Swift transaction system, said Monday its high representative for foreign affairs, Josep Borrell, on a trip to Panama.

These sanctions will concern “the banking sector, there will be other Russian banks that will leave Swift”, indicates Josep Borrell.

And this sector will not be the only one affected.

"In the energy sector, we are working to prepare proposals that will limit energy imports from Russia, especially oil," the diplomat said during a press conference.

Sberbank, the main Russian bank, targeted

Several European diplomatic sources had indicated over the weekend that the most important Russian bank, Sberbank, which represents 37% of the market, should thus be excluded from Swift.

This interbank system is an essential cog in global finance, allowing transactions to be communicated quickly and securely.

Read alsoUkraine: the EU refuses to pay for Russian gas in rubles and is preparing for a break with Russia

The European Commission is expected to propose this sixth package of sanctions on Tuesday.

In particular, it must include a timetable for the gradual cessation of Russian oil imports, which represent 30% of European Union oil imports.

📽️ Statement by @barbarapompili ahead of the extraordinary meeting of the #Energy Council dedicated to the energy situation of 🇪🇺 in the context of the war in #Ukraine.

⤵️#PFUE2022 #TTE pic.twitter.com/Pr3L0QE0Ks

— French Presidency of the Council of the EU 🇫🇷🇪🇺 (@Europe2022FR) May 2, 2022

If the 27 agree on this measure, the cessation of purchases of petroleum and petroleum products from Russia will be gradual.

It could be spread over six to eight months, but with measures with immediate effect, in particular a tax on transport by tankers, confided a European official.

Josep Borrell is in Panama, where he is due to attend a meeting on Tuesday with the foreign ministers of Central America and the Caribbean.

Together the diplomats will address the consequences of the conflict between Russia and Ukraine in the region.

Source: leparis

All news articles on 2022-05-03

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