Russia’s disconnection from SWIFT threatens the EU

MEPs are concerned about the possible consequences for the economy
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Sanctions against Russia in general and the Urals in particular

The disconnection of Russian banks from the international SWIFT system may affect not only Russia but also the European market. This statement was made by MEPs from Austria Georg Mayer and Harald Vilimsky.

“This measure [отключение от SWIFT] affects all Russian banks subject to international sanctions. However, the ban will have consequences not only for Russia, but also for the EU market, ”RT quoted the deputies as saying.

European banks that do business in Russia may incur losses. MEPs asked how the European Commission is going to compensate for the negative consequences for the EU economy. They also asked what measures were being taken to mitigate the effects of the ban on the use of SWIFT when paying for energy supplies. Politicians have wondered how to support industrial enterprises that will suffer damage.

The European Union shut down some Russian banks from SWIFT on March 2 in response to a special operation in Ukraine. The United States and the European Union have imposed other sanctions on Russia. Russian authorities have said that sanctions have a negative impact on Western countries as well, as the system of settlements and logistics is disrupted, inflation is rising and cooperative ties are being broken. After the imposition of sanctions, inflation in the United States has reached its highest level in 40 years. The rating of US President Joe Biden fell to an all-time low and left 40% in an Ipsos poll, according to the Federal News Agency.

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The disconnection of Russian banks from the international SWIFT system may affect not only Russia but also the European market. This statement was made by MEPs from Austria Georg Mayer and Harald Vilimsky. “This measure [отключение от SWIFT] affects all Russian banks subject to international sanctions. However, the ban will have consequences not only for Russia, but also for the EU market, ”RT quoted the deputies as saying. European banks that do business in Russia may incur losses. MEPs asked how the European Commission is going to compensate for the negative consequences for the EU economy. They also asked what measures were being taken to mitigate the effects of the ban on the use of SWIFT when paying for energy supplies. Politicians have wondered how to support industrial enterprises that will suffer damage. The European Union shut down some Russian banks from SWIFT on March 2 in response to a special operation in Ukraine. The United States and the European Union have imposed other sanctions on Russia. Russian authorities have said that sanctions have a negative impact on Western countries as well, as the system of settlements and logistics is disrupted, inflation is rising and cooperative ties are being broken. After the imposition of sanctions, inflation in the United States has reached its highest level in 40 years. The rating of US President Joe Biden fell to an all-time low and left 40% in an Ipsos poll, according to the Federal News Agency.

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