Kyiv furious as EU wavers on banning Russia from Swift payment system
The EU faced furious remonstrations from Kyiv as Europe’s leaders looked set to hold back from imposing the potentially most damaging sanction on Russia, even as the Kremlin lay siege to Ukraine via land, air and sea.
Ukraine’s foreign minister, Dmytro Kuleba, voiced his anger as EU heads of state and government appeared likely to decide against blocking Russia from an international payments system through which it receives foreign currency.
With casualties mounting, Kuleba warned that European and US politicians would have “blood on their hands” if they failed to impose the heaviest toll on Moscow by cutting Russia from the so-called Swift payments system.
“I will not be diplomatic on this,” he tweeted. “Everyone who now doubts whether Russia should be banned from Swift has to understand that the blood of innocent Ukrainian men, women and children will be on their hands too. BAN RUSSIA FROM SWIFT.”
The Society for Worldwide Interbank Financial Telecommunication (Swift) is used by over 11,000 financial institutions to send secure payment orders and is key to the movement of funds to Russia’s oil and gas sector.
Removing Russia from the system, it is argued, would make it close to impossible for financial institutions to send money in or out of the country, with consequences for both the country’s oil and gas sector and its European customers.
A number of member states believe there is nothing to be gained from waiting, a position shared by the UK government.
During a call with the German chancellor, Olaf Scholz, the British prime minister, Boris Johnson, urged allies to react with the harshest measures, warning that “western inaction or underreaction would have unthinkable consequences”.
UK sources said Johnson had also made a
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