Germany welcomes sanctions on Moscow, but is currently opposed to a Russian blockade of the Swift financial network. Statements by members of the government and top officials are dramatic, with Chancellor Soltz talking about a “war that Europe has not experienced for more than 75 years”. Interestingly, at noon there was an intervention by former Chancellor Angela Merkel, who told the German news agency that the Russian attack was a “turning point in European history after the end of the Cold War.”
Sanctions but not until the end
At the same time, the German chancellor welcomes the new, European sanctions agreed against Russia, which he considers a “serious blow” to the country and to President Putin. But what emerges from Brussels and yesterday’s summit is that Germany mainly – along with some other countries including France and Italy – opposed Russia’s exclusion from the international trade network SWIFT, which is considered by many as a last resort against Russia in financial terms.
Chancellor Soltz seems to believe that despite the Russian invasion of Ukraine, he still believes that all possible financial sanctions should not be exhausted from now on.
What is Swift?
Swift is considered a key network for the exchange of transaction information in the international financial system. Experts describe the exclusion of a country from it as an “economic nuclear bomb”, because it has direct consequences for the operation of imports and exports and, of course, basic financial processes.
Germany, as Foreign Minister Analena Berbock has recently hinted, does not want such a measure at the moment, calling it a “mistake”. Such a measure, experts estimate, would hit both companies and German companies with interests in Russia. The leader of the Christian Democrats, Friedrich Mertz, has even said that activating a Russian blockade of Swift would cause “serious difficulties and damage to international trade and financial relations.”
It is worth noting, however, that Russia is not unprepared for such a scenario, given that since 2014 and the annexation of Crimea, it has designed an alternative trading system called SPFS, which could be activated by Russian banks in the event of an emergency.
I strongly condemn the Ukrainian ambassador to Berlin
At the same time, the Ukrainian Ambassador to Berlin, Andriy Melnik, has been sharply critical of Germany’s stance and its refusal to activate the measure.
Speaking to the German public network ZDF yesterday, he also directly accused Germany of “indifference”, and revealed that he had long been calling on the German government to provide immediate assistance to Ukraine, ie defense weapons and fuel, but still receiving ” with coldness and perseverance “, as he characteristically says, only negative answers.
Dimitra Kyranoudi, Berlin
Source: Deutsche Welle
Source: Capital
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