Swift preparing to implement measures targeting Russian banks
The
Swift international banking payment system has said it is preparing to implement western nations’ new measures targeting certain Russian banks in coming days after
western allies agreed to
block Russia’s access to the service.
In a statement, it said:
The move comes after the US, Canada and key European countries, including Germany, agreed to remove “selected Russian banks” from the Swift payment system.
The decision is expected to have a significant impact in
Russia, and further afield. Sergei Aleksashenko, a former deputy chairman of Russia’s central banks, said “there is going to be a catastrophe” on the Russian currency market on Monday. “I think they will stop trading and then the exchange rate will be fixed at an artificial level just like in Soviet times,” he added.
Michael Farr, chief executive of f
inancial consulting firm Farr, Miller & Washington, said of the impact on global markets: “This could be a surprise that is not taken very well if it means a slowdown in international trade.”
NBC News foreign correspondent, Raf Sanchez, who is currently in Moscow said his hotel asked him to “settle the bill early” because “they aren’t sure if credit cards are going to work once SWIFT sanctions kick in.”