In his article for Shūkan Gendai, Doctor of Economics Junichi Yadova concluded that disconnecting Russia from SWIFT was an ineffective measure to cause economic damage. This has been reported DEA Novosti.
Previously, the European Union disconnected seven Russian banks from the international interbank payment system SWIFT, including VTB, Rossiya, Otkritie, Novikombank, Promsvyazbank, Sovcombank and VEB.RF.
According to Yadov, seven banks are too few for the sanctions to affect the Russian financial sector.
“If you look at the number of SWIFT member banks, there are more than 300 in Russia. If sanctions are imposed on the entire financial sector of the country, all of these 300 lines will be suspended … This list shows the importance and depth of relations between the country’s main banks, Russia and Europe,” he said.
“socialbites.ca” also saidIt took part in the fifth package of EU sanctions against Russia.