Contents tagged with SWIFT

  • Kremlin complains ‘friendly countries’ are refusing to do business with Russia

    Countries friendly to Russia, such as China, Turkey and the United Arab Emirates, turned out to be no so loyal to the Russian regime and, contrary to expectations, fully joined the Western sanctions against Russian banks, reports the Russian news agency RBC, citing Vice-President of Rosbank Alexander Rakhmanin.

    "Russian companies, especially those involved in foreign economic activity, have a slightly erroneous impression that, roughly speaking, the Chinese banking system and the Chinese …

  • Ukrainian Foreign Minister: Russian banks will be disconnected from SWIFT very soon

    Russian banks will be disconnected from SWIFT very soon. Half of the reserves of the Russian Central Bank have already been frozen, said Ukrainian Foreign Minister Dmytro Kuleba.

    "The disconnection of Russian banks from SWIFT is expected to take place very soon. We demand a complete embargo on Russian oil. The first decisions in this direction have already been taken by Canada. And this wave will grow in the future. The introduction of new sanctions has already been announced by the EU, the …

  • Kyiv: full consensus for disconnecting Russia from SWIFT has been achieved, the process has begun

    Russia will be disconnected from the international payment system SWIFT. The official decision has not yet been formalized, but technical preparations for the adoption and implementation of this step have already begun, said Ukrainian Foreign Minister Dmytro Kuleba on his Facebook page.

    "We gnawed and gnawed and gnawed at it. All Ukrainian diplomacy worked – from the President of Ukraine to the attaché in the Ukrainian embassy. Ukrainian diplomats dedicate this victory to all defenders of …

  • Amid looming Western sanctions, Russia stress-tests its economy

    The Russian authorities seem to be seriously considering the possibility of tough Western sanctions, which are being prepared in an even of an invasion of Ukraine.

    According to the news outlet The Bell, Russian state-owned companies and large banks carried out a series of exercises to assess the consequences of the sanctions, including the shutdown of SWIFT and foreign software, a ban on the supply of chips and other high-tech equipment to Russia.

    Top managers of the main sectors of Russian …

  • Kremlin: Russia will benefit from being disconnected from SWIFT

    Disconnecting from the SWIFT international payments system, which is being discussed as part of a package of sanctions for the invasion of Ukraine, will benefit Russia, said at a press conference on Friday the head of the Russian State Duma Committee on Industry, Vladimir Gutenev.

    "If they do take such monstrous measures, which, in my opinion, will destroy the global financial system, we will get a number of benefits," he said.

    According to Gutenev, many countries will begin to switch to …

  • Kremlin: disconnecting Russia from SWIFT will be impossible

    It is virtually impossible to disconnect Russia from the interbank payment system SWIFT due to Russia’s oil and gas supplies, said Konstantin Gavrilov, head of the Russian delegation at the talks in Vienna on military security and arms control.

    "It reminds me of an animal eating a cactus. It is hurting, but it still continues to eat,” Gavrilov said.

    According to him, there are no discussions about disconnecting Russia from SWIFT. "It's not easy, de facto. Well, Iran was shut down, so what? …

  • U.S. and Europe abandon the idea of disconnecting Russia from SWIFT

    The United States and the European Union abandoned the idea of disconnecting Russia from the SWIFT interbank payment system as part of a package of sanctions for aggression against Ukraine, Handelsblatt reports, citing sources in the German government.

    The initiative, which was first launched back in 2014 after Russia's annexation of Crimea and the war in Donbas, is again considered too risky. This step could destabilize the global financial system and provoke the development of an alternative …

  • Germany: disconnecting Russia from SWIFT will have a nuclear bomb effect on world markets

    The future chairman of the German Christian Democratic Union (CDU), Friedrich Merz, said he believes that restricting Russia's access to the international interbank SWIFT system will have a "nuclear bomb" effect on the world markets.

    "Loss of confidence in the SWIFT system could be like an atomic bomb for the capital markets, as well as goods and services markets," the DPA news agency quoted Merz as saying. "I foresee a massive economic downturn in our economies if something like this happens. …

  • Belarus prepares to be disconnected from SWIFT

    All Belarusian banks have connected to the Bank of Russia's Financial Messaging Transfer System (SPFS, said the Head of Division for Development and regulation of the National Payment System, of the Russia Central Bank Denis Baryshkov speaking at the VIII National Payment Forum.

    Now 38 financial institutions from nine countries are connected to the Russian system, which began to be developed in 2014 after the annexation of Crimea and the collapse of relations with the West, Baryshkov said.

    " …

  • Kremlin: U.S. will not be able to disconnect Russia from SWIFT

    The United States will not take steps to disconnect Russia from the SWIFT interbank payment system, since it will be difficult for Europeans to manage without Russia, which will be outside the payment system, said First Deputy Chairman of the Federation Council Committee on International Affairs Vladimir Dzhabarov.

    "As for the SWIFT system, I do not believe that the United States will impose these sanctions: it will be quite difficult for Europeans to do without Russia, which will be outside …