Ukrainian Foreign Minister says Russia might be kicked off SWIFT

17 December 2021, 08:00 AM

Ukraine’s Western allies are drafting a package of potential sanctions against Russia in the event of military aggression against Ukraine, including disconnecting Russia from the SWIFT global electronic payment system, Ukrainian Foreign Minister Dmytro Kuleba told news channel CNBC on Dec.17.

Potential sanctions might also include restrictions on trade, investments and banking operations as well as Russia’s state debt, the minister added.

“And of course, there’s the ‘the nuclear option’ that will cause the biggest debate – the disconnection of Russia from the SWIFT system,” Kuleba said.

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Kuleba said he believed the potential sanctions against Russia would be harsh and unprecedented.

As news agency Bloomberg wrote earlier, the United States and its EU allies are considering a package of banking sanctions against Russia if it invades Ukraine. These sanctions could target Russia’s capacity to convert rubles for dollars and other foreign currencies.

The most radical option would be barring Russia from the international SWIFT system.

However, as this option would have a big impact on ordinary Russian citizens, the United States and EU are more inclined to limit Russia’s capacity to convert rubles into dollars and other foreign currencies.

Earlier in December Ukrainian Defense Minister Oleksii Reznikov said Russia has about 100,000 troops deployed on Ukraine’s border and in the Russian-occupied parts of Ukraine.

The troops are in a permanent state of combat readiness and could be involved in a further escalation, Reznikov said, adding that he does not rule out a potential Russian invasion of Ukraine.

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