Saudi Press

Saudi Arabia and the world
Sunday, Jun 01, 2025

West would ‘screw itself’ by cutting Russia off from SWIFT – Moscow

West would ‘screw itself’ by cutting Russia off from SWIFT – Moscow

The effects of shutting the country out of the banking network would be felt throughout Europe, Moscow says
If the West follows through with its threats to shut Moscow out of the SWIFT financial transaction system, other states will feel the consequences, Russia’s finance minister has cautioned.

Speaking as part of an interview with Rossiya 24 TV channel on Thursday, Anton Siluanov warned, “who benefits from the disconnection from SWIFT? No one.”

“They only screw themselves over, as they say,” the minister said, pointing out that “Russia is a participant in the global market.”

According to Siluanov, such a move would hinder European companies that actively trade with Moscow.

“What will happen to European consumers of hydrocarbons [if SWIFT is cut off in Russia]? How will they pay us? Or will they refuse our exports? No, of course not. Will they have to settle the payment? Yes,” he explained.

His remarks come amid threats from the West to punish Russia if its troops were to invade Ukraine. On Tuesday, the head of the ministry’s economic cooperation department, Dmitry Birichevsky, cast doubts on the prospect of Moscow being disconnected from SWIFT due to the fact the system is run by an international private company, headquartered in Belgium, and there is no clear mechanism for American officials to persuade it to do so.

The European Parliament adopted a resolution on December 16, which said any new sanctions package should entail “the exclusion of Russia from the SWIFT payment system,” as well as the targeting of vital sectors of the country’s economy.

Earlier this month, US Under Secretary of State Victoria Nuland said that Washington, alongside a number of its partners in Western Europe, is mulling isolating Moscow from the global financial system in the event of a full-blown offensive against its neighbor.

Just a day before Nuland's threat, US news agency Bloomberg published a report which suggested that Washington could target major Russian banks and could even disconnect Moscow from SWIFT. The Kremlin, however, has repeatedly rejected the accusations that it is planning an incursion into Ukraine.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
×