UK outlines efforts to cut Russia from SWIFT — Analysis

London announced that it was willing to work with other partners in order to eliminate Moscow from international financial networks

The UK government will try to persuade its allies to sever Russia from the SWIFT global banking system and impose a series of harsh sanctions following Moscow’s military operations in Ukraine. Washington had previously stated that it wouldn’t target the payments network.

“We will not rest until Russia’s economy has been degraded and Ukraine’s sovereignty and territorial integrity restored,”In a statement Liz Truss, Foreign Secretary said that she was pleased to be able to contribute. “the UK is working with allies to exclude Russia from the SWIFT financial system.”

On Thursday, the British Foreign Commonwealth Office declared a new round of sanctions. They were described as “the” “most punishing sanctions”It was designed for “inflict maximum and lasting pain on Russia.” 

London will also target more than 100 Russian companies with asset freezes and travel bans, shut out Russian banks from British financial markets, impose new trade and export restrictions and ban the country’s national airline, Aeroflot, from UK airspace. 

Boris Johnson, the Prime Minister, hinted earlier at an upcoming election. “massive package of economic sanctions” “hobble” Russia’s economy, words echoed by US President Joe Biden, whose administration also announced a raft of “unprecedented and expansive”Take measures “degrade [Russia’s] industrial capacity for years to come.”

Biden, however, indicated on SWIFT that his administration will not follow the UK’s lead and that the existing sanctions could have been used. “more consequence”Taking any actions towards the global payment network is more important than taking action.

Similar sanctions were declared by a number of Western and EU allies, some of which also called to cut off Russia from SWIFT – all in response to Moscow’s “special military operation”In support of two recently recognized breakaway republics, the Donbass was launched on Thursday at the dawn.

The German Chancellor Olaf Scholz has however urged against the exclusion Moscow from the payments system. He argued that this measure shouldn’t be part of the second EU sanctions package, which will be debated in Brussels.

Biden gives an update on Russia, SWIFT

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