Boris Johnson announces massive economic sanctions on Russia
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Defence Secretary Ben Wallace suggested the bloc is hesitant to implement the hard-hitting sanction because it pays Russia for gas. He said that the UK Government wants to have the payment system “turned off” for the country but said that many leaders have not agreed to it. EU countries yesterday held back from imposing the sanction on Russia, despite Putin’s dangerous incursion into Ukraine.
The US has also been reluctant to support the measures.
The Society for Worldwide Interbank Financial Telecommunication, known as Swift, is used by more than 11,000 financial institutions to send secure payments.
It is central to the movement of funds to Russia’s oil and gas sector.
Speaking to the BBC, Mr Wallace said “When you pay Russia for its gas, it probably goes through the Swift system, for example.
“We want it switched off. Other countries do not.
“We only have so many options.
“We are going to work all day to try and get it [switched off for Russia].”
Hitting out at the decision not to suspend Russia from the system, Ukrainian foreign minister Dmytro Kuleba warned that EU and US politicians would have “blood on their hands”.
He tweeted: “I will not be diplomatic on this.
“Everyone who now doubts whether Russia should be banned from Swift has to understand that the blood of innocent Ukrainian men, women and children will be on their hands too.
“BAN RUSSIA FROM SWIFT.”
Dutch Prime Minister Mark Rutte said “many colleagues pleaded” for the sanction to be imposed, but added that “more work needs to be done to assess what happens if Russia is cut off.”
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During a call with German Chancellor Olaf Scholz, UK Prime Minister Boris Johnson urged allies to take further action, saying: “Western inaction or underreaction would have unthinkable consequences”.
A spokesperson for Mr Johnson said that there are “a range of views” on Swift.
They said: “On Swift, I think we all recognise that it is something that has to be done in conjunction with our major allies and will only be successful if that can be achieved as such, we are continuing those discussions.
“There are a range of views on it and we recognise it is a challenge.
“But it is certainly the Prime Minister’s intention so we will continue to have those discussions.”
UK and NATO allies imposed tough sanctions on Russian businesses and officials, in response to Putin’s invasion of Ukraine yesterday.
Mr Johnson told the House of Commons the UK’s measures are “the largest and most severe package of economic sanctions that Russia has ever seen”.
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