EU increasingly leans towards boycotting Russia’s SWIFT payment system

Italy, which had previously opposed the SWIFT ban on Russia, openly supported a boycott on Saturday if the bloc of other countries agreed.

Consequences of the boycott on the table

Italian Prime Minister Mario Draghi said in a phone call with Ukrainian President Volodymyr Zelensky on Saturday that he fully supports the EU’s sanctions line “including those under SWIFT,” a press release said. Lithuanian Prime Minister Ingrida Simonyte said there was no longer “strong opposition” to the proposal.

EU finance ministers will meet in Paris to discuss, among other things, the implications of the situation in Ukraine for the European economy. The European Central Bank (ECB) and the European Commission are currently assessing the impact of such a measure on the national economy, so that Member States can decide on the measure.

Earlier we made this explanatory video about the SWIFT system:

Source: RTL