Logo of the SWIFT interbank payment information exchange systemMOSCOW, Feb 27 Society for Worldwide Interbank Financial Telecommunications SWIFT is ready to implement the decision of European countries on sanctions against certain Russian banks after the appropriate «legal order», Reuters reports, citing a statement from the organization. Earlier, the press service of the German Cabinet of Ministers, following the results of negotiations between Western leaders, announced that all Russian banks that have already fallen under sanctions will be excluded from SWIFT.
"We are working with European authorities to find out details about the entities that will be affected by the new measures and are preparing to implement them by legal order", SWIFT said in a statement.
The decision to increase sanctions was taken by the United States, France, Canada, Italy, Britain, Germany and the European Commission. In addition to turning off banks from SWIFT, Western countries have decided to limit the ability of the Russian Central Bank to support the ruble exchange rate with international financial transactions. The opportunity for wealthy Russians to obtain European citizenship in exchange for investment will also be eliminated.US sanctions against the Central Bank of Russia will destroy the global financial system, said analystPresident of Russia Vladimir Putin on February 21 signed decrees recognizing the sovereignty of the Donetsk and Luhansk People's Republics, and on February 24 announced the start of a special military operation in the Donbass. He assured that Moscow's plans do not include the occupation of Ukraine, only its demilitarization and denazification. The head of state called the goal of the operation the protection of residents of the DPR and LPR, who had been subjected to genocide for eight years. Several major Russian banks, including Sberbank and VTB, fell under the new restrictions. A number of state-owned companies found it difficult to attract foreign capital. Sanctions have been imposed on the supply of high-tech products to Russia. Germany has stopped certification of the Nord Stream 2 gas pipeline. Britain closed flights for Aeroflot. The Russian authorities said they had prepared a contingency plan in advance in case of a new wave of sanctions and would provide any necessary support to businesses that fell under the restrictions, ensuring the smooth operation of the economy. The government is also developing response measures, but the details are not yet known.