In all likelihood, most banks around the world will simply stop transacting altogether with Russian banks that are removed from SWIFT.
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If one of these de-SWIFTed Russian banks wants to make or receive a payment with a bank outside of Russia, such as a bank in Asia, it will now need to use the telephone or a fax machine. About 11,000 banks across the world are members of the SWIFT network.
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The SWIFT code is on the bottom of every check you sign. The reason de-SWIFTing is severe is that this is a network that almost all banks in the world use to transmit financial information to each other as they make payments or receive payments. The EU will implement a regulation that removes sanctioned Russian banks from the SWIFT international payments network, effectively shutting them out of the world’s most important financial system. Let me go into some detail on each of these three measures.įirst, our leaders decided to follow the Iran model and disconnect key sanctioned Russian banks from SWIFT. In an unprecedented act of global sanctions coordination, our leaders decided to take three actions today: one, to apply the Iran model and disconnect sanctioned Russian banks from SWIFT two, to undermine the Russian Central Bank’s ability to defend the ruble and three, to launch a joint task force to collectively hunt down the physical assets of sanctioned Russian companies and oligarchs - their yachts, jets, fancy cars, and luxury homes. So as a result of Putin’s war of choice and ongoing assault on Ukraine and the core principles of peace and stability that have prevailed since the Second World War, President Biden and the leaders of the European Commission, France, Germany, Italy, and the United Kingdom decided to take further measures to isolate Russia from the global financial system and the global economy. SENIOR ADMINISTRATION OFFICIAL: Thanks, everybody, for joining. So with that,, I’ll turn it over to you. The contents of the call are embargoed until the end of this call.
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As a reminder, this call is on background, attributable to a “senior administration official.” We’re going to be discussing further restrictive economic measures we’re imposing on Russia today in coordination with Allies and partners.įor your awareness and not for reporting, the speaker on the call today is. MODERATOR: Thanks, everyone, for joining.