The EU Commission throws out the Russian banks from SWIFT. Which will stop the ability of Russia to continue cross-border payments.
The EU commission leaders censured the president of Russia, Vladimir Putin, for his decision to invade Ukraine. Also, has decided to take important measures against Russian banks.
Recently, the European Commission has issued a joint statement. In which they have stated that they will ban Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
Along with it, the European leaders of the EU commission have also stated. To take further measures to ban Russia from the international financial system.
Furthermore, the leaders of France, Germany, Italy, the United Kingdom, Canada, and the United States are part of this joint statement.
This joint statement arrived after the attack of Russia on Ukraine. And the statement has been given in favor of Ukraine.
Important Words By European Commission:
“Russia’s war represents an assault on fundamental international rules and norms. That has prevailed since the Second World War, which we are committed to defending. We will hold Russia to account and collectively ensure that this war is a strategic failure for Putin.”
Five Most Important Initiatives Of EU Commission:
Additionally, on Feb.27 the president of the EU commission Ursula von der Leyen tweeted that. They will take five important steps against Russian authorities. Starting from the first ban which is to throw out Russian banks from SWIFT, the messaging system.
As per her words, this step will stop Russia’s imports and exports. And will freeze its worldwide operations as well.
The second most important measure will freeze the Russian banks. And will be proven as an obstacle for the central bank of Russia to liquidate assets.
Moreover, the third most important measure will be to restrict the sale of citizenship – of so-called Golden Passports. That enables the rich Russians to connect with the Russian government and become citizens of European countries. And achieve access to the financial systems.
“limit the sale of citizenship—so-called golden passports—that let wealthy Russians connected to the Russian government become citizens of our countries and gain access to our financial systems.”
The fourth most important measure explains. That the EU Commission will soon introduce a transatlantic task force to make sure, that all the sanctions are effectively implemented.
As well, the basic aim will be to freeze the foreign assets of Russian officials, elites, and also their families. They have under European commission authority.
The fifth measure by the EU Commission will be to upgrade its coordination against disinformation. And other forms of hybrid warfare.
According to Quantum Economics founder and CEO Mati Greenspan. Aside from these financial sanctions, wealthy Russians have yet an option of crypt to avoid the sanctions.
But, the EU Commission declared that. They are in favor of innocent Ukrainians. Also, they stand with them in their worst circumstances.
Final Words:
The sanctions by the EU commission could affect the financial status of the Russian government during the war on Ukraine.
As well these measures will also affect the economy of Russia. But, rich Russians still could use the option of cryptocurrencies.
Share your thoughts on the decision of the EU commission throwing out Russian banks from the SWIFT messaging system. And about the other four most important measures by European leaders.
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