Friday, December 31, 2021

Russia's finance minister has explained why the EU will not agree to exclude Russia from SWIFT

 


 Excluding Russia from SWIFT would suspend EU payments for oil, fuel and gas supplies, so if such a decision is made, it will become a "general headache", Russian Finance Minister Anton Siluanov was quoted as saying. "Russian newspaper".

"Who would benefit from severing ties with SWIFT? No one. So to speak, they will harm themselves," he said in an interview with Russia 24 TV channel.

 The Minister reminded that Russian companies export hydrocarbons to Europe, as well as non-energy goods, so the Ministry of Finance does not understand "how we will trade with Europeans who influence decisions - to include or exclude us from SWIFT." At the same time, Siluanov believes that Europeans, in the event of such a radical choice, "of course will not give up" on Russian goods.

"Will it have to be calculated? Should. Will they cause problems? Of course. I do not understand those who talk about it. This, of course, can be done, but then together we will find tools on how to provide information about these transactions to each other, "concluded Siluanov.

 The international banking system SWIFT provides the transfer of information and payments between 11 thousand of the largest organizations in the world, including Russian companies. The exclusion of the Russian Federation from this system has been mentioned many times over the last few years, the last time the discussion was resumed later this year.

The administration of US President Joe Biden intends to force the European Union to negotiate a broad package of sanctions against Russia, which includes a clause to cut ties with SWIFT, Bloomberg reports, but for now the initiators of possible sanctions call the measure "extremely problematic."

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