With the Prime Minister making a statement on our response to the Russian invasion of Ukraine, Antony spoke in Parliament about the need to go further and lock Russia out of international finance.
Out of the global SWIFT payment system, it would be almost impossible for Russia to borrow money, starving its Government of cash, and global trade. And it also means the hundreds of billions of dollars of reserves Russia have built up to try and circumvent sanctions would be stuck in bank accounts unable to be used.
Speaking in Parliament Antony said:
I welcome the package of sanctions that the Prime Minister has set out. Although I understand why it has not been possible to suspend Russia from the SWIFT payment system at this stage, I ask him: what work are we doing with our European allies to offer them reassurance, so that we can eventually get to a position where Russia can be suspended, because that is by far and away the biggest thing that will isolate the Russian economy?
UPDATE Sunday 27th February 2022
Russian banks are to be removed from the SWIFT messaging system, ensuring that Russia is disconnected from the international financial system, severely harming their ability to operate globally.
