The United States and the European Union are no longer considering the possibility of disconnecting Russia from the SWIFT international payment system in the event of increased aggression against Ukraine, according to the German newspaper Handelsblatt, citing government sources.
Americans and Europeans have been discussing for several weeks how to respond in the event of a Russian military operation against Ukraine. The EU is threatening the Kremlin with massive consequences but has not yet specified them.
As Handelsblatt reports, excluding Russia from the SWIFT system, which would effectively isolate it from global financial flows, is too harsh a step for the negotiators. This move could destabilize financial markets in the short term and promote the development of an alternative payment infrastructure that will no longer be dominated by the West in the medium term.
Negotiations between the EU and the US are now focused on the formation of targeted sanctions against large Russian banks. Germany is pushing for exemptions so that gas and oil imports from Russia can be paid for.
Earlier, the European Parliament called for Russia to be disconnected from SWIFT if it takes new military actions against Ukraine.