Excluding Russia from SWIFT will not be economically reasonable, expert says – Business & Economy

NEW YORK, June 6. / TASS /. It is possible to exclude Russia from the SWIFT payment network, but it will not be economically reasonable, Navigator chief investor director Kyle Shostak told TASS.

“The possibility is real, discussions have been going on for some time,” he said. “This is a very drastic step that can be taken by a European organization based in Brussels, which is a non-governmental organization. However, history has shown that it gives in to American pressure, as it did with the Iran “, underlined the expert.

Shostak said that “there is no financial sense” in such measures, “there is only Russophobia”. He hoped that logic would prevail and that the Presidents of Russia and the United States would be able to resolve the bilateral issues when they met in Geneva, thereby lowering tensions.

According to the expert, it is impossible to exclude the whole country from SWIFT but a number of large state-owned banks, which control much of the banking sector, could be banned from the system. Such actions will set off a chain reaction, and besides export and import shortages due to the inability to transact as usual, they will also create problems for Russian bank card holders in other countries. other countries.

The European Parliament had previously called for the imposition of sanctions against the Russian nuclear power company Rosatom, the Nord Stream 2 gas pipeline project and the Russian “oligarchs”, as well as the exclusion of Russia from SWIFT if the “Military strengthening of the country was in the future to turn into an invasion of Ukraine”.