In a meeting with EU foreign ministers, Ukraine’s top diplomat Dmytro Kuleba joined the chorus of voices calling for Russia to be disconnected from SWIFT — the financial messaging network that underpins the global banking system.
The proposal — long popular among those who favor slapping hard-hitting sanctions on Russia — has picked up new supporters since last year’s poisoning of Alexei Navalny. Talk of a possible embargo reached fever pitch in Moscow in the days leading up to U.S. President Joe Biden’s announcement of a new round of sanctions against Russia mid-April, with top Russian officials and banking figures talking up the dangers of being disconnected.
“We cannot rule out any potential threats,” Kremlin spokesperson Dmitry Peskov said last month when asked about the possibility. “Sanctions are unreasonable and unpredictable and therefore the situation forces us to be alert,” he added.
Should Russian banks be scared of SWIFT disconnection?Read More
