The sanctions are likely to hit the rouble hard when markets open on Monday, said Sergey Aleksashenko, a former deputy chairman of the Russian central bank who now lives in the US, leading to the disappearance of many imports to Russia.
Sberbank and VTB have previously said they are prepared for any developments. If the list covers the largest Russian banks, such as Sberbank SBER.MM, VTB VTBR.MM, and Gazprombank, it would be “an absolutely huge deal”, economic expert Edward Fishman wrote on Twitter, adding that the “details would matter”. That would be crucial to the measure’s impact, said sanctions and banking experts. Russian banks will find it harder to communicate with peers internationally, even in friendly countries such as China, slowing trade and making transactions costlier.īut the allies, who also vowed curbs on Russia’s central bank to limit its ability to support the rouble, have not yet said which banks would be targeted. Zhuravlev also noted that while SWIFT is convenient, it is not the only way of transferring money, and a decision like suspending a country would need unanimity among members. Do they need it? I am not sure,” Zhuravlev said, according to the TASS Russian agency. Therefore, if Russia is disconnected from SWIFT, then we will not receive currency, but buyers, European countries in the first place, will not receive our goods – oil, gas, metals and other important components of their imports. “SWIFT is a settlement system, it is a service. Nikolay Zhuravlev, vice-speaker of Russia’s Federation Council, acknowledged in January that the country’s ejection from SWIFT was a possibility.
It is bigger than stopping EU imports of gas from Russia,” Garcia Herrero told Al Jazeera. “ since no debt or trade finance payments can be made. How is Russia involved?Īccording to the Russian National SWIFT Association, Russia has the second-largest number of users after the US, with some 300 Russian financial institutions in the system, more than half of Russia’s financial institutions.Īlicia Garcia Herrero, chief economist for the Asia Pacific at Natixis in Hong Kong, said banning Russia from SWIFT would be a serious blow to the country. The system is overseen by the G10 central banks, as well as the European Central Bank, with its lead overseer being the National Bank of Belgium. On its website, it says “it’s owned and controlled by its shareholders representing approximately 3,500 firms from across the world”. SWIFT is a cooperative company under Belgian law. More than 11,000 financial institutions around the world use SWIFT, making it the backbone of the international financial transfer system. SWIFT is a network used by banks to send secure messages about transfers of money and other transactions. On Saturday, Western allies moved to block certain Russian banks’ access to the SWIFT international payment system in further punishment of Moscow as it presses on with its military assault.Īl Jazeera takes a look at SWIFT and its relevance to the crisis in Ukraine.
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