What consequences does Russia face in case of disconnection from SWIFT

Comments on implications of targeted EU sanctions on Russian banks

What consequences does Russia face in case of disconnection from SWIFT

As SWIFT is preparing to implement the decision of Europe on sanctions against Russian banks, a branch of the Russian state-owned news agency Sputnik in Belarus, has cited comments of our managing partner Nikita Dolgiy, which were published in RIA Novosti over two months ago. 

MINSK, Feb 27 - Sputnik. All Russian banks that have already fallen under the sanctions of the international community, and, if necessary, other Russian banks will be excluded from SWIFT, the press service of the German Cabinet said.

If the EU sanctions are targeted, then problems will arise with accounts in corresponding banks. If the entire banking system of Russia is cut off, it will affect all industries, primarily the financial sector and export-oriented enterprises. There may be problems with accounts settlements.

“Participants in trade and commercial relations will have to look for alternative routes. Additional transaction costs will inevitably weaken the ruble,” Nikita Dolgiy, managing partner of Wolfline Capital, explained to RIA Novosti.

To read the news, follow the link below:Ряд российских банков исключат из SWIFT – кабмин ФРГ - 27.02.2022, Sputnik Беларусь