Looks Like They May Just Drop ‘Nuclear Option’ Sanction on Russia – Opinion

Part of the reason that Russia invaded Ukraine was that the West wasn’t serious about the sanctions. It might have been possible to make an impact if sanctions were imposed sooner than they did after Russia invaded Ukraine. They invaded Ukraine, but Joe Biden, Germany and others were still reluctant to drop more severe sanctions.

Now, it looks like they may be dropping the hammer soon with what some have called the “nuclear option” of sanctions — cutting Russia off from the SWIFT system.

Germany and Hungary are the two Europeans that remained firm on this issue. Hungary gave up.

Important: The Polish PM claims Orban said that Hungary supports disengaging Russia from SWIFT. They are the EU’s main holdouts. https://t.co/DoCGaCgudS

— Trent Murray (@trent_murray) February 26, 2022

We had reported previously that Germany would supply a number of weapons to the EU (including Stingers) including Javelins and Javelins. Germany has even sent 14 armored personnel vehicles. They will also be shipping 10,000 tonnes of fuel along with weapons to Russia, which is a problem for the Russian military.

Germany is now saying they would be amenable to cutting Russia off from SWIFT, as long as it hurt the right people – meaning Russia.

“After the shameless attack by Russia, Ukraine must be able to defend itself,” German Foreign Minister Annalena Baerbock and Vice Chancellor Robert Habeck said in the emailed statement. “It has an inalienable right to self-defense.”

At the same time, the government “is working flat out on how to limit the collateral damage of decoupling from SWIFT in such a way that it affects the right people,” they said. “What we need is a targeted and functional restriction of SWIFT.”

That sounds like a yes to me, albeit a conditional one, that may mean it isn’t dropping this minute while they’re working out details acceptable to them.

Europe agreed to Zelensky, a source told Zelensky.

.@ZelenskyyUaThe Ukraine convinced Europe to stop Russia being connected to SWIFT, it says. This is a significant victory. It means billions & billions in losses for Russia. It’s Russia’s cost for its backstabbing invasion.”
German authorities support a partial SWIFT cutoff that is “targeted” pic.twitter.com/o9pAVr3OPC

— Alec Luhn (@ASLuhn) February 26, 2022

The EU’s foreign affairs ministers will meet virtually on Sunday to mandate that work begin to cut Russia off from the SWIFT messaging system, according to official sources https://t.co/F1JHwFFTy4 pic.twitter.com/tE6a7Rw9ci

— Bloomberg Quicktake (@Quicktake) February 26, 2022

Fox News

The Society for Worldwide Interbank Financial Telecommunications (SWIFT), is the global network that allows financial institutions send and receive information about international bank transfer transactions.

SWIFT, which is located in Belgium and has 26 branches around the globe, provides messaging services for banks in over 200 countries. The G-10 central banks oversee it, which includes Belgium, Canada France Germany Italy Japan Japan the Netherlands and the United States.

Cut access to SWIFT is subject to approval by the U.S. and Japan as well as the European Union (EU). However, EU decisions must be approved universally. The frustration for leaders who wish to punish Putin or Russia with the harshest punishments makes the delay even more disappointing.

We must then ask, “Where does Joe Biden stand?” This was something he had denied, and he blamed the Europeans. Are you onboard with the idea? Biden’s sanctions so far have not been fast and have not shown any teeth.

His team was grilled about all the exemptions, as well as the fact that while they were claiming they were making Russia a pariah, they weren’t cutting off meetings with Russia on things like climate change. It’s a question at this point, with Biden’s sanctions being dropped so late, if it could change the equation.

But SWIFT might, depending now on when they’re going to do it and how they employ it. Putin has created all manner of difficulties on the ground here in Ukraine. Putin could be relegated to the backseat by these actions, which may result in more weapons being delivered for Ukrainians.