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

Contact Your Elected Officials
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.

Trump’s Middle East Triumph is Worth Celebrating Even As Peace Remains Elusive 

President Trump’s bold foreign policy defies globalist appeasement, showcasing unwavering American strength and decisive leadership on the world stage.

Are conservatives fighting a fiction of woke?

Wokery, it hurts to say it, is too disorganized to have an organized cosmology or doctrine of metaphysical belief.

Illinois Democrat Offenders Reveal Party

The crime of J.B Pritzker and Brandon Johnson in this episode of American history is called subversion at the least , but could be as serious as treason.

Inside the Public School Librarian Jihad to Keep Transgender Propaganda on Shelves

Public school librarians are doing all they can to keep child tranny propaganda flowing directly into the malleable minds of their charges.

Five Reasons Why The Latest Czech Elections Were So Important

Populist-nationalist politician Andrej Babis is poised to return to the premiership after his party's victory. Here are 5 reasons why this is so important.

Antifa Is Threatening Families of Law Enforcement: Homeland Security

Family members of law enforcement officers are facing threats from individuals affiliated with the far-left extremist group Antifa, the DHS said in an Oct. 10 X post.

Pentagon Creating New Counter-Narcotics Joint Task Force in Southern Command, Hegseth Says

Sec of War Pete Hegseth said President Trump has directed the creation of a new counter-narcotics joint task force in SOUTHCOM area of responsibility.

Key Takeaways From Virginia Gubernatorial Election Debate

Spanberger and Earle-Sears had significant exchanges on the govt shutdown, transgender issues, and abortion during Gubernatorial debate.

Nobel Peace Prize Awarded to Venezuelan Opposition Leader Maria Corina Machado

Venezuelan Opposition Leader Maria Corina Machado won the Nobel Peace Prize and dedicated it to President Trump for his support of our cause!”

Trump Says He May Invoke Insurrection Act in Portland If Necessary

President Donald Trump on Oct. 6 said he may consider invoking the Insurrection Act in Portland, Oregon, if necessary.

Trump: All Medium, Heavy Duty Trucks Entering US Will See 25 Percent Tariff on Nov. 1

President Trump announced on Monday that all medium and heavy-duty trucks entering the United States will see a 25 percent tariff starting on Nov. 1.

Treasury Names Social Security Commissioner as CEO of IRS

Treasury Sec. Scott Bessent announced that Frank Bisignano, the head of the Social Security Administration (SSA), will also serve as CEO of the IRS.

Agencies Terminated, Descoped 94 Wasteful Contracts With $8.5 Billion Ceiling Value, Says DOGE

Various federal government agencies have terminated and descoped 94 wasteful contracts over the past five days, DOGE said in an Oct. 4 post on X.
spot_img

Related Articles

Popular Categories

MAGA Business Central