If Swift is cut off, Europe will be deprived of Russian energy

According to Nikolai Zhuravlev, vice-president of the Russian Federation Council, Moscow has other options for transferring money besides Swift.

Following recent threats by some high-ranking Western officials to cut off Russia’s access to the Swift interbank system due to tensions over Ukraine, a senior Russian lawmaker has warned Europeans of the consequences of this anti-Russian move.

According to the Russian news agency Dice“If Russia cuts off access to the Swift interbank system, European countries importing Russian products, including oil and gas, will be deprived of these energy sources,” senior senior senator Nikolai Zhuravlov warned.

Following the recent tensions between the West, especially the United States and Britain, and Russia over Moscow’s claim of “invasion of Ukraine,” there has once again been speculation in pro-US European countries that Russia will cut off Swift’s interbank network.

The United States, Britain and some of its allies have accused Russia of plotting to invade Ukraine and threatening Moscow with serious economic consequences, but senior Russian officials have repeatedly denied the allegations, warning Washington and NATO of the consequences of Ukraine’s accession to NATO. have given.

Russian Sen. Nikolai Zhuravlev, the vice-president of the Federation Council, has reacted to speculation that Russia may cut off Swift’s interbank system if tensions escalate in Ukraine.

Biden and Johnson

According to Nikolai Zhuravlev, Vice President of the Council of the Russian Federation, although using the Swift interbank system is a quick and easy step, for this country, Swift is not the only way to transfer money and funds.

Russia’s top lawmaker, however, warned that European countries would no longer be able to import and import gas, oil and metals from Russia if it cut ties with Swift.

The Russian senator’s remarks came as British Prime Minister Boris Johnson announced earlier that London was in talks with Washington on the possibility of cutting off Russia’s access to Swift in the event of a “Russian invasion of Ukraine.”

“Swift is a settlement system, a service,” Jurawolf said. So if Russia (access) is cut off from Swift, we will not receive (foreign) currency, but buyers and European countries will not receive our goods, including oil, gas, metals and other important import components in the first place. Do they need such a thing? “I’m not sure (they need to).”

The senator stressed that although Swift is convenient and fast, it is not the only way to transfer money. According to him, the joint decision of Britain and the United States is not enough to cut off Russia’s access to Swift, and this requires a joint decision of all countries participating in this international interbank system.

“I am not sure that other countries, especially those with a significant share of trade with Russia, will support the closure (of Russia’s suspension of Swift access),” he said in an interview with the Tass news agency.

In recent weeks, accusations by the United States, Britain, and some of their European allies against Russia over developments in Ukraine have intensified, while their threats about the consequences of Russia’s alleged invasion of Ukraine have intensified.

This is not the first time that Russian access to Swift has been discussed. For the first time in 2014, following a referendum on the annexation of Crimea to Russia, the European Parliament passed a resolution on Moscow’s expulsion from Swift, but the resolution has not yet been implemented.

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