PARIS: The European Union will analyse shortly the consequences of cutting Russia off from the SWIFT international payments system before deciding whether to use the"financial nuclear weapon", France's finance minister said on Friday .
However, some countries are reluctant to go further by cutting Russia's access to the SWIFT interbank money transfer network over concerns about how payments for Russian energy imports would be made and whether EU creditors would get paid. "Swift is the financial nuclear weapon. SWIFT is what would allow Russian financial institutions to be cut off from other financial institutions worldwide," Le Maire told journalists on the sidelines of the meeting in Paris.
A German government spokesperson said earlier on Friday that kicking Russia out of SWIFT would be technically difficult to arrange and would have a massive impact on transactions for Germany and German businesses in Russia.
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Some EU countries have reservations about cutting Russia from SWIFT - FrancePARIS : Some EU countries 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 ex
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