US and Allies Not Cutting Off Russia from SWIFT Payment System, Keep It as Nuclear Option

The Epoch Times Header

President Joe Biden said Thursday the United States and its international allies have decided not to cut Russia off from the SWIFT international payments system as punishment for invading Ukraine, though the measure has been left on the table as a last resort in case the situation escalates.

Biden told a press briefing on Feb. 24 that Russia would not be frozen out of SWIFT, the messaging system banks use to settle cross-border payments and that is a key mechanism for financing international trade.

The president said the sanctions imposed on five Russian banks in response to the Ukraine invasion were at least as punishing as a SWIFT cutoff.

“It is always an option,” Biden said of the ban. “But right now, that’s not the position that the rest of Europe wishes to take.”

Biden’s remarks came as Russian forces pressed forward with a multi-pronged invasion of Ukraine that Russian President Vladimir Putin has called a “special military operation” to demilitarize and neutralize Ukraine as a claimed NATO-aligned threat. Western leaders have denounced Putin’s military action as a baseless act of aggression.

While Western leaders have agreed on a series of tough punitive sanctions, they are divided over cutting Russia off from SWIFT, a move that would restrict Russia’s access to global financial markets.

A SWIFT ban would make it harder for Russian companies to get paid for goods they export to other countries and they’d find it more difficult to invest overseas or borrow from foreign lenders.

Financier and activist Bill Browder, who lobbied for Congress to pass the Magnitsky Act, a measure to punish Russian human rights violators, told The Independent that removing Russia from SWIFT would be “the one thing that would really change Putin’s calculus.”

But removing Russia from SWIFT would also make it harder for foreign buyers of Russian oil and gas to settle transactions, potentially driving energy prices higher. Discussions around the ban come at a time of elevated inflationary pressures in many of the world’s economies, driven in large part due to surging energy prices.

By Tom Ozimek

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Columns

Lefty Activist Judges are Obstructing Trump’s Presidency

Activist judge’s ruling to block President Donald Trump from being able to execute his Constitutional Article 2 Powers pose a real “Constitutional crisis”.

France’s Next Quarterly Nuclear Drills Might Become Prestige-Building Exercises With Poland

Europe wonders what form Macron’s plans to extend his nuclear umbrella over the continent could take, considering risks entailed after Moscow’s negative reaction.

RFK Jr. Nukes HHS ‘Research’ Grants Designed to Stamp Out ‘Vaccine Hesitancy’

RFK Jr. must be waiting to get data firmly on his side before yanking COVID shots off the market and delivering pharmaceutical criminals to the DOJ.

An Actual Deep State Coup is Exposed in a CIA Email

Journalist John Solomon of “Just the News” on Real America’s Voice dropped a BOMBSHELL news report that appears to be old news revisited.

The new economics of compassionatlism

The aftermath of the Covid 19 pandemic has seen a global turn to stagflation, in which the cost of good and services increases regardless of economic growth.

News

Johns Hopkins University Laying Off Over 2,000 Workers After Federal Funding Cut

Johns Hopkins University will lay off over 2,000 workers worldwide following Trump admin’s termination of $800 million in federal funding for institution.

American Airlines Plane Catches Fire at Denver Airport, Forces Evacuation

Passengers were forced to evacuate from an American Airlines plane that caught fire on March 13 at Denver International Airport.

Columbia University Expels Some Students Involved in 2024 Hamilton Hall Takeover

Columbia University said its judicial board levied a range of sanctions against students who occupied the building while protesting the Israel-Hamas war.

FBI Director Responds to ‘Alarming Rise’ in Recent Swatting Incidents

FBI Dir. Kash Patel said federal law enforcement bureau is investigating “swatting” incidents that have targeted certain media figures in recent days.

Trump Admin Asks Supreme Court to Unblock Birthright Citizenship Order

Trump admin asked Supreme Court to roll back multiple preliminary injunctions courts have issued against his EO to restrict birthright citizenship.

NIH Wants to Cap Funding for Indirect Research Costs—What Are They?

NIH is the world’s largest funder of medical research, granting billions to colleges and universities yearly. Trump admin seeks to cap paid overhead costs.

Border Apprehensions of Illegal Immigrants Hit Lowest in History, CBP Says

Number of illegal immigrants apprehended by authorities declined 94% year-over-year under Trump, according to latest figures released by CBP.

98 Protesters Arrested After Occupying Trump Tower to Demand Release of Pro-Palestinian Activist

Police arrested protesters occupying lobby of Trump Tower in NYC, staging demonstration supporting Palestine and against arrest of Mahmoud Khalil.
spot_img

Related Articles

Popular Categories

MAGA Business Central