G. Skaistė: “EU Finance Ministers Support Russia’s Disconnection from the International Financial System“


2022 02 26


The informal ECOFIN Council of Ministers of Economy and Finance of the European Union, held yesterday in Paris, discussed the disconnection of Russia from the international payment system “SWIFT”, and the European Commission was tasked with exploring the possibilities for such a solution and responding promptly. Minister of Finance Gintarė Skaistė notes that this would be one of the strongest possible sanctions and would send a strong signal of international unity with the Ukraine fighting against Russia.

“Since the beginning of the Russian invasion, we already have two packages of sanctions against the regime approved by the EU together with transatlantic partners. It is good that the response was prompt and effectively coordinated. In this way, the impact of sanctions is stronger. We need to take the toughest steps to limit access to finance for Russia and responsible officials operating in Russia. Russia’s financial system must be cut off from the world. The disconnection of the SWIFT system would be one of the strongest possible sanctions and would send a strong signal of our unity with the fighting Ukraine. There were no sharp objections at yesterday’s ECOFIN meeting, therefore we look forward to a quick response from the European Commission”, stated the Minister.

According to Ms G. Skaistė, the ECOFIN Council discussed that no compromises could be made with evil: V. Putin must be stopped in the Ukraine, otherwise other EU countries are also at risk.

“Putin and his friend Lavrov must be included to the maximum extent on the list of sanctioned persons. They are much more responsible for killing people than other persons already on the lists. At the same time, cash flows from international financial institutions and development banks to Russia and Belarus must be stopped this minute. We can't feed the monster with our own hands. At the same time, these institutions must urgently prepare a coordinated package of support for the Ukraine, which would address not only the liquidity problems felt today, but also would contribute to stabilising and restoring the situation as soon as possible”, said Minister G. Skaistė.

You can find out more about the statement by Ministers of Finance here.