Russia to Lose Access to SWIFT Following Decision by Major Powers

• The European Union, the United Kingdom and the United States of America are moving to block Russia's access to SWIFT
• The financial service facilitates international transactions between banks and is vital for Russia's oil and gas exports
• This is latest salvo of crippling sanctions implemented against Russia following its invasion of Ukraine earlier in the week

KYIV - Major world powers opposed to Russia's aggressive invasion of Ukraine have instituted a series of crippling sanctions against Russia.

Banks and financial institutions have been frozen out of the US, UK and European economies. However, they have been criticised for not blocking Russia's access to SWIFT (Society for Worldwide Interbank Financial Telecommunication).

SWIFT is a Belgian cooperative society providing services related to the execution of financial transactions and payments between banks worldwide.

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This has now changed as the NATO countries have moved to restrict Russia's access to the crucial service. In addition, Russia's central bank's international reserves will face restrictions.

Without access to SWIFT, Russia will be unable to make transactions and make it impossible for its central bank to liquidate its assets according to News24.

The BBC reported that the move to block Russia's access to SWIFT will further isolate the country's international financial system.

Russia relies on the SWIFT system to facilitate its gas and oil exports which are key to the country's economy.

Germany does u-turn on Ukraine, sending anti-tank weapons instead of 5k helmets

Briefly News reported that earlier in the week, Germany announced that it would be sending helmets to Ukraine to help soldiers and citizens resist the Russian invasion.

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However, following widespread outcry the country had done a dramatic u-turn and cancelled the shipment of helmets.

Instead, they are now arming the Ukrainians with anti-tank weapons systems and missiles. According to Business Insider, the German government will supply Ukraine with 1 000 anti-tank weapons and 500 stinger missiles, a powerful anti-air weapon system.

German Chancellor Olaf Scholz took to Twitter to announce that the Russian aggression was a turning point in European politics.

Source: Briefly News