Germany Aims for 'Targeted & Functional Restriction of SWIFT' Against Russia

Germany's foreign and economy ministers announced that Berlin works towards limiting “the collateral damage of decoupling from SWIFT in such a way that it affects the right people.”

As Western powers mull the prospects of disconnecting certain Russian entities from the SWIFT interbank system, top German government officials suggested that Berlin seeks to limit the collateral damage of such move.

According to Reuters, German Foreign Minister Annalena Baerbock and Economy Minister Robert Habeck said in a joint statement that Germany is “urgently working on how to limit the collateral damage of decoupling from SWIFT in such a way that it affects the right people.”

"What we need is a targeted and functional restriction of SWIFT," they declared.

Meanwhile, CNN reported citing a source in the Biden administration that the US and EU are considering disconnecting only some Russian banks and companies rather than the entire Russian economy from SWIFT.

The United States, Japan, and several European countries imposed sanctions against Russia after Moscow launched a "military operation" in Ukraine aimed at neutralising Kiev's military capabilities.

Said "military operation" in Ukraine was initiated shortly after Russia formally recognised the Donetsk and Lugansk People's Republics, which requested Moscow's assistance to defend themselves from attacks by Ukrainian troops.

This development came amid the sudden escalation in the region, when Ukrainian forces intensified shelling of the republics' territory, prompting the mass evacuation of women and children to Russia.