Pressure is mounting on Germany and the U.S. to eject Russian banks from the system. Canada has backed the move
Prime Minister Mario Draghi told Ukrainian president Volodymyr Zelensky in a call on Saturday that Rome would fully support EU work on sanctions against Russia, “including those encompassing Swift”.
Italy is among those in the EU that is most exposed to sanctions on Russia, and its diplomats have expressed concern about the consequences for its economy.Article content But Ukraine has seized on Swift as part of its campaign for tougher action against Russia, leading to intense pressure on major economies including the U.S. and Germany to eject Russia from the system.Article content
German officials also argue the Swift debate dodges a deeper question for western allies: whether they want to continue to buy Russian fuel. About 40 per cent of the gas Europe imports come from Russia. German officials argue that unless western governments are prepared to boycott Russian energy, suspending Moscow from Swift could wreak economic havoc.Article content
Ireland and the Netherlands have expressed support for the measure, as have Baltic capitals which are among the most hawkish on sanctions. The UK and Canada are also backing the move.
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