Russia is closely integrated into the world economy, and its disconnection from the international banking system for making SWIFT payments will lead to problems in the European market as well. This was stated by President and Executive Director of the Eastern Committee of the German Economy Oliver Hermes in interview WirtschaftsWoche.
“Of course, the consequences [отключения SWIFT] They will be huge, especially for the Russian economy. To survive such turbulence, the country would have to tie itself more closely to China. There would be no victory in this, ”he believes.
Hermes also noted that such a measure is “the last thing needed” in the face of the spread of coronavirus and the fight against climate change. According to him, there is an unflagging interest in Germany from Russia, and common economic interests open the way for de-escalation in mutual interests. Unfortunately, this does not become a guarantee of non-occurrence of political crises, but it provides a platform for mutual understanding, he concluded.
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Hermes also spoke of a “noticeable recovery” in German exports to Russia since last spring. In the first 11 months of 2011, exports from Germany increased by 15% compared to the previous year, he said. At the same time, Russian exports to Germany increased even more — by 48%. “First of all, due to the growth in oil and gas supplies, both in price and quantitative terms,” he explained.
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