Berlin/Paris (Reuters) – In the face of the ongoing Russian attacks in Ukraine, calls for Russia to be excluded from the Swift international payment system are increasing.
On Friday, both the EU foreign and finance ministers discussed the measure that Great Britain, for example, is demanding. Domestically, too, the pressure is growing on Chancellor Olaf Scholz to agree to this step, which would have far-reaching consequences for German companies.
“All options are on the table,” said Finance Minister Christian Lindner in Paris ahead of the EU finance ministers’ deliberations. There is already a complete blockade of Russian banks. Business transactions have almost come to an end, it is only possible in individual cases, for example to pay bills for gas deliveries or so that German companies can make transfers to their subsidiaries in Russia. “Further steps are possible, but their effects must be considered.”
Luxembourg’s Foreign Minister Jean Asselborn said the Swift ban could be part of a third package of sanctions. France’s Finance Minister Bruno Le Maire said the goal was to isolate Russia. “We want to cut all ties between Russia and the global financial system.” Swift is the last option. “But that’s one of the options that’s still on the table.”
On Friday, the federal government was surprised at the assumption that the Swift exclusion had failed because of Germany. A government spokesman said that France and Italy also had reservations in the consultations at EU level. In addition, the focus is currently on quickly effective sanctions against Russia. A Swift exclusion, on the other hand, must be prepared thoroughly. However, Le Maire emphasized in the afternoon that France had no problems with such a step.
While the Bavarian Finance Minister Albert Fracker (CSU) warned of “unpredictable consequences” for the German economy, the Union’s SME Union called for Russia to be excluded. “Russia must be cut off economically,” says an MIT resolution. Fracker, on the other hand, warned on Bayerischer Rundfunk: “Of course, our companies will no longer receive any money from Russia via this system. And we can no longer pay for the raw materials, for example the gas.” The Swift exclusion may only be “last resort”.
Pressure also came from politicians in the traffic light coalition. “The toughest sanctions are needed now. Russia has to get out of Swift payment transactions,” said SPD foreign politician Adis Ahmetovic to “Spiegel”. The Greens parliamentary group leader in Bremen, Mustafa Gngr, emphasized that the full program of sanctions must now be imposed, including a Swift exclusion.