West kicks out Swift’s Russia, rescinds ‘golden passports’ Business

Berlin had been one of the few countries to oppose the action after Britain, the European Union, Canada and the United States all pressed the case as part of their package sanctions against Vladimir Putin and the Kremlin.

“As Russian forces launch their assault on Kyiv and other Ukrainian cities, we are determined to continue to impose costs on Russia that will further isolate Russia from the international financial system and our economies,” the allies said. Westerners in a joint statement.

Such a move is a blow to Russian trade by making it harder for its companies to do business globally.

Japan will join Western nations in removing some Russian banks from the Swift messaging system, the country’s prime minister said on Sunday, putting additional pressure on Moscow following its invasion of Ukraine.

“In what was released this morning by Western nations, steps are being taken to isolate Russia from the international financial system and the global economy, including the exclusion of some Russian banks from Swift,” the Prime said. Minister Fumio Kishida.

“Western nations have asked Japan to participate. Japan will join this initiative,” he added.

Swift has been used as a weapon in the past when Iranian banks were forced out of the banking system, as part of a broader package of measures against Tehran that caused a deep economic downturn.

Western allies have also said they will limit the ability of wealthy Russians to buy citizenship in other countries.

“Specifically, we commit to taking action to limit the sale of citizenship – the so-called golden passports – that allow wealthy Russians linked to the Russian government to become citizens of our countries and access our financial systems,” they said.

But the Telegraph understands that figures in the UK and some European countries fear that Russia’s withdrawal of Swift poses a “security risk” to the West.

There are concerns about potential Kremlin-ordered cyberattacks against Swift if Russia no longer has “skin in the game”, as well as the possibility of Moscow and Beijing building a rival payment system without any involvement from the countries. Westerners.

A Whitehall source said: ‘There are a lot of ramifications for pushing Russians out of a financial system, which would mean they could potentially build their own.’ Governments needed to consider “what behaviors and actions are rushed in removing them,” the source added.

In other developments on Saturday, French authorities seized a vessel in the English Channel suspected of belonging to a Russian company targeted by European Union sanctions because of the war in Ukraine.

The cargo ship carrying cars to St. Petersburg was “strongly suspected of being linked to sanctioned Russian interests”, said Captain Véronique Magnin of the French maritime prefecture.

A French customs patrol vessel supported by a police surveillance vessel and a navy patrol vessel diverted the 127-metre (417ft) cargo ship to the port of Boulogne-sur-Mer in northern France in the early Saturday hours.

Checks were carried out by customs officers and his crew was “cooperative”.

Priti Patel has also canceled visas for the Belarus men’s basketball team, which was due to travel to the UK for a game in Newcastle. The Home Secretary tweeted: ‘The UK will not host national sports teams from countries which are complicit in Putin’s unprovoked and illegal invasion of Ukraine.