Skip to content
Politics
Economics

EU Moves Toward Ousting Russia From SWIFT as Germany Shifts

  • French finance minister calls it a ‘financial nuclear weapon’
  • Decision would require unanimity among the 27 EU countries
Bloomberg business news
Should Russia Be Cut Off From SWIFT?
Updated on

The European Union is getting closer to supporting the expulsion of Russia from the SWIFT financial messaging system over the invasion of Ukraine, with Germany throwing its weight behind the move.

“We are working flat out on how to limit the collateral damage of decoupling from SWIFT in such a way that it affects the right people,” German Foreign Minister Annalena Baerbock and Vice Chancellor Robert Habeck said in a statement on Saturday. “What we need is a targeted and functional restriction of SWIFT.”