Breaking News
Get 40% Off 0
🔎 See NVDA's full ProTips for an instant risks or rewards Claim 40% OFF

Germany softens stance on curbing Russian access to SWIFT

Published Feb 26, 2022 01:01PM ET Updated Feb 26, 2022 01:56PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: German Foreign Minister Annalena Baerbock briefs the media following a meeting of German government's crisis unit, at the foreign ministry in Berlin, Germany, February 24, 2022. Markus Schreiber/Pool via REUTERS 2/2

BERLIN (Reuters) - Germany changed its position on Saturday about imposing restrictions on Russia's access to the SWIFT global interbank payment system, joining other Western powers in support of harsher sanctions aimed at halting Russia's invasion of Ukraine.

"We are urgently working 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," Germany's Foreign Minister Annalena Baerbock and Economy Minister Robert Habeck said in a statement.

Germany, which has the EU's biggest trade flows with Russia, had been reluctant to get on board with cutting off Russia from the world's main international payments network, saying it must first weigh the economic consequences of such move.

Berlin's change of heart comes as Russian forces continued to pound Kyiv and other cities with artillery and cruise missiles on day three of a campaign that has sent hundreds of thousands of Ukrainians fleeing west toward the European Union, clogging major highways and railway lines.

The move would hit Russian trade and make it harder for Russian companies to do business. SWIFT is a secure messaging system that facilitates rapid cross-border payments and is the principal mechanism for financing international trade.

Earlier on Saturday, Italy, the other European Union member that had voiced reservations over taking such a step, said it would support Russia's disconnection from the payment system.

Greece also joined the EU line on SWIFT and Hungarian Prime Minister Viktor Orban said his government would not block any planned EU sanctions.

"This is the time to be united, it's a war," Orban said.

The European Union's foreign policy chief Josep Borrell said a decision on SWIFT could happen in the "coming days".

Germany softens stance on curbing Russian access to SWIFT
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Ian Young
Ian Young Feb 26, 2022 3:03PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
How will this affect the US market on open?
Alan Rice
Alan Rice Feb 26, 2022 2:41PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
It is hard to imagine even a rabid wolf, chewing off its own tail.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email