September 29, 2022

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Russia-Ukraine conflict: Some EU countries have doubts about cutting Russia from SWIFT, France says

2 min read

Some countries in the European Union (EU) have reservations about cutting Russia off from the SWIFT payments system, but France is not one of them, French Finance Minister Bruno Le Maire said on Friday

Speaking on the sidelines of a meeting with his EU counterparts in Paris, Le Maire said the European Central Bank was expected to deliver an analysis “in the coming hours” about the consequences of what he called using the “financial nuclear weapon”.

“All options are on the table,” he added.

Russia’s invasion of Ukraine will slow European economic growth this year through higher energy prices and lower business confidence and to some extent trade, but the European Union is ready for it, the EU finance officials said.

European Central Bank head Christine Lagarde said the main impact of the war in Ukraine was likely to come through higher energy prices and the uncertainty that will hit business confidence and consumption.

“At this point in time, gas prices stand about six times, six times as high as one year ago and oil prices 54 per cent higher than one year ago,” she told reporters.

Slight tweaks, given first reference I did expand European Union in the first sentence then did the EU abbreviation in parenthesis. Otherwise looks good. I’m not surprised though, certain countries in the EU heavily rely on Russia for much of its oil like Latvia so it’s not a surprise they’re iffy of kicking them out of SWIFT.

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News Source: Global News

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