U.S. and European officials are holding one key financial sanction against Russia in reserve, choosing not to boot Russia off SWIFT, the dominant system for global financial transactions.
WASHINGTON —
Still, some European leaders, including in the United Kingdom, favor taking the additional step of blocking Russia from SWIFT, the Belgium-headquartered consortium used by banks and other financial institutions that serves as a key communications line for commerce worldwide. The SWIFT system averaged 42 million messages daily last year to enable payments.
U.S. lawmakers have called on Biden to deploy every available financial sanction, with Senate Republican Leader Mitch McConnell saying Thursday that America should “ratchet the sanctions all the way up. Don’t hold any back. Every single available tough sanction should be employed and should be employed now.”
The other risk is that countries could migrate their institutions to platforms other than SWIFT, such as a system developed by China. This would increase the friction in global commerce — hurting growth — and make it harder to monitor the finances of terrorist groups.
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