EU begins cutting Russia from SWIFT platform over Putin’s war in Ukraine
The European Union has initiated the process to cut off Russia from the SWIFT banking system, according to reports from European media.
“️️️ Foreign Minister Kuleba reports that the process to disconnect #Russia from #SWIFT has begun,” local media Nexta tweeted on Saturday.
The EU, the United States, United Kingdom and Canada had rolled out sanctions on Friday, freezing foreign-held assets of Russia’s Vladimir Putin and his foreign minister, Sergei Lavrov, in light of the ongoing invasion of Ukraine.
European leaders had decided on Friday to impose a second batch of sanctions to incapacitate the Russian economy, setting its target on banks, state-owned companies and individuals. However, it had been undecided about blocking Russia from SWIFT.
France had supported cutting off Russia from the global SWIFT payment system and was also ready to supply weapons and military equipment to Ukraine. Germany’s finance minister, Christian Lindner, said on Friday that his government was “open” to cutting Russia from Swift.
Peoples Gazette had earlier reported Hungary’s support for cutting Russia off the banking network.
Though the Swift network was created and incorporated under Belgian law, in 2012 it was made to satisfy a regulation from the EU to cut Iran off from the banking system.
Cutting off Russia from the system would leave immediate and long-term damage on its economy, especially its international financial transactions, such as profits from oil and gas production. This accounts for more than 40 per cent of Russia’s revenue.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
National Assembly to organise summit on aviation sector
He said that the summit would address challenges in the aviation sector to proffer solutions to them.
NationWide
CDS Musa calls for stronger military, NIA collaboration to tackle insecurity
The CDS commended the NIA boss for his exemplary leadership and commitment to national service.
NationWide
Don’t give up on Nigeria, Fayemi begs citizens
“The task of nation-building is not a one-off or static exercise, but is rather a dynamic and permanent work in progress.”
States
Workers are hungry; reinstate wage award: Anambra TUC tells Gov. Soludo
Mr Ogbonna said that both the state and the federal governments need to hasten the process of workers’ salary adjustment.
Heading 4
Lagos police identify officer who shot man dead at fuel station
“Investigation is still ongoing and further findings will be made available, ” he said.
Anti-Corruption
Kano govt. nabs three senior officials for collecting bribes to secure citizenship for illegal migrants
“We will keep interrogating them and at the end, if found wanting, they will be prosecuted.”