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EU Commission intends to eliminate Russian banks from SWIFT cross-border system

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The EU Commission decided to take a sequence of operations to remove Russia from the global financial system while decrying Russian President Vladimir Putin's decision to set a blockade across Ukraine.

The European Commission revealed that various Russian banks were to be taken down from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging system, restricting Russia's ability to make cross-border payments.

Officials from France, Germany, Italy, the United Kingdom, Canada, and the United States emphasized their common interest in protecting Ukraine from Russia's war in a mutual statement issued by the European Commission:

“We will hold Russia to account and collectively ensure that this war is a strategic failure for Putin.”

Even though denouncing Russian President Vladimir Putin's decision to lay blockade to Ukraine, the EU Commission decided to commit to a set of phases to remove Russia from the international financial system.

Ursula von der Leyen, President of the European Commission, declared five preventive steps against Russian officials, beginning with the separation of an unspecified number of Russian banks from the SWIFT messaging system.

Moreover, by breaking off Russia's connections with SWIFT, the EU Commission will "paralyze Russia's central bank's assets," placing another financial obstacle in the way of the Russian central bank's ability to liquidate assets. The EU Commission stated about the third measure:

“We commit to taking measures to limit the sale of citizenship— so-called golden passports—that let wealthy Russians connected to the Russian government become citizens of our countries and gain access to our financial systems.”

The EU Commission will shortly establish a transborder task force to facilitate that all sanctions are implemented effectively, with the primary goal of freezing Russian officials', elites', and family members' abroad assets. The Commission intends to enhance coordination against false news and other forms of fusion war as a fifth measure.

As international markets proceed to adopt new financial limitations on Russia, a Feb. 24 report reveals how Russian billionaires may be able to avoid any sanctions imposed by global leaders by using crypto.

So now Russian banks face isolation from SWIFT's international financial network, cryptocurrency may be the main factor in evading sanctions for wealthy individuals. Mati Greenspan, the founder and CEO of Quantum Economics, stated:

“If a wealthy individual is concerned that their accounts may be frozen due to sanctions, they can simply hold their wealth in Bitcoin in order to be protected from such actions.”

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