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EU Commission to remove Russian banks from SWIFT cross-border network



The European Commission introduced to remove various Russian banks from the Society for Worldwide Interbank Monetary Telecommunication (SWIFT) messaging system, geared toward hindering Russia’s capability to perform cross-border funds. 

In a joint assertion launched by the European Commission, leaders from France, Germany, Italy, the UK, Canada, and america highlighted their shared curiosity in defending Ukraine from the conflict towards Russia:

“We will hold Russia to account and collectively ensure that this war is a strategic failure for Putin.”

Whereas condemning the Russian president Vladimir Putin’s transfer to lay siege throughout Ukraine, the EU Commission dedicated to undertake a sequence of measures to isolate Russia from the worldwide monetary system.

President of the EU Commission, Ursula von der Leyen introduced 5 proactive measures towards Russian authorities, beginning with the elimination of an undisclosed variety of Russian banks from the SWIFT messaging system.

First, we commit to making certain {that a} sure variety of Russian banks are eliminated from SWIFT.⁰
It can cease them from working worldwide and successfully block Russian exports and imports.

— Ursula von der Leyen (@vonderleyen) February 26, 2022

As well as to slicing Russia’s ties with SWIFT, the EU Commission will “paralyze the assets of Russia’s central bank,” creating one other monetary barrier for the Russian central financial institution to liquidate property. As for the third measure, EU Commission acknowledged:

“We commit to taking measures to limit the sale of citizenship— so-called golden passports—that let wealthy Russians connected to the Russian government become citizens of our countries and gain access to our financial systems.”

The EU Commission will quickly launch a transatlantic activity drive to guarantee efficient implementation of all of the sanctions, which primarily goals to freeze the abroad property of Russian officers, elites and their members of the family. As a fifth measure, the Commission plans to enhance coordination towards disinformation and different types of hybrid warfare.

Associated: Crypto may bypass President Biden’s ‘devastating’ sanctions on Russian banks and elites: Report

As world markets proceed to impose new monetary restrictions on Russia, a Cointelegraph report from Feb. 24 highlights how Russian billionaires may doubtlessly circumvent any sanctions put forth by the world leaders through the use of cryptocurrencies.

One factor to hear for this afternoon is whether or not these sanctions will embody barring Russia from the SWIFT messaging system, which might reduce it off from nearly all worldwide monetary transactions.

(Besides crypto.)

— Scott Bixby (@scottbix) February 24, 2022

Now that Russian banks danger getting barred from SWIFT’s worldwide monetary network, crypto will be the key for wealthy people to evade sanctions. Quantum Economics founder and CEO Mati Greenspan mentioned:

“If a wealthy individual is concerned that their accounts may be frozen due to sanctions, they can simply hold their wealth in Bitcoin in order to be protected from such actions.”

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