The Strategist

FT: UK and Germany argue about disconnecting Russia from SWIFT

02/25/2022 - 08:35

UK Prime Minister insisted on disconnecting Russia from SWIFT, but the German Chancellor opposed it, the FT learned.

© 2018 Advantus Media, Inc. and
© 2018 Advantus Media, Inc. and
British Prime Minister Boris Johnson and German Chancellor Olaf Scholz argued over the issue of disconnecting Russia from the international banking system SWIFT, the Financial Times learned. During the talks, Johnson firmly insisted on disconnecting Russia from SWIFT, but Scholz opposed the measure, sources told the newspaper.

According to the FT, Scholz warned Johnson on February 24 that Germany and the EU would not support disconnecting Russia from SWIFT. Johnson is very insistent on this, an unnamed British official told the FT. Johnson also raised the idea at a meeting with City of London executives, the newspaper said. 

Earlier, White House Deputy National Security Adviser Daleep Singh said that there are other serious measures that allies are willing to take together with the U.S., the FT writes. However, these measures do not have the same side effects, he said.

European Union countries are in no hurry to resort to this measure, because, in addition to the heavy blow to Russian banks, there would be damage to European creditors, who will have difficulty returning their money, Reuters wrote on February 24, citing sources.