There are differing views on what such a move would mean.
Image: Shutterstock Image: Shutterstock LAST NIGHT, THE EU outlined a further package of sanctions against the Russian state as well as senior diplomats and business people.
Minister for European Affairs Thomas Byrne told RTÉ today that Ireland supports such a measure but others, such as Germany, have argued that some sanctions should be kept in reserve.Others are unsure. As he announced his country’s sanctions on Russia, US President Joe Biden said that removing Russia from Swift was “not the position” right now.What is Swift?
Even though Swift is a cooperative of global banks it is listed in Belgium, so the EU has more of a say than the US. Cutting Russian banks from Swift wouldn’t stop them being able to transfer money but it would certainly have a large impact.
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