The Clap👏
Heavy SWIFT sanctions on Russia would be the hardest sanctions yet, but some western countries are reluctant to take these measures.
I’ve heard of SWIFT code before..😏
..& that’s exactly where it comes from. SWIFT is the world’s main international payments network, & the main facilitator of international trade.
What kind of sanctions are we talking about here?🤨
Some Russian banks will be disconnected from SWIFT, but it’s not yet clear which specific banks will be cut off.
How would Russia be affected?🤔
Well for starters, the Russian Ruble plunged by 30% against the U.S. dollar amid reports of banning Russia from SWIFT. Russia’s central bank already reacted by increasing interest rates from 9.5% to 20% this morning.
Russia would also find it much more difficult, slower, & expensive to pay for imports, receive money for exports, & borrow or invest across borders.
Then why are some countries reluctant?😩
Russia is the biggest supplier of natural gas, oil, & solid fossil fuels to Europe.
That’s it.
You also won’t be surprised to know that the countries reluctant to impose heavy SWIFT sanctions are European powerhouses such as Italy, France, & Germany.
