“European Union officials said there was growing momentum behind the bloc agreeing to cut Russia out of a crucial global payments system, marking a shift in sentiment after two rounds of Western sanctions on Moscow have shown little effect in persuading President Vladimir Putin from ratcheting down his invasion of Ukraine,” the Wall Street Journal reports.
“Several capitals, including Berlin and Rome, have resisted the option of disconnecting Russian banks from Swift, a global system that connects banks to facilitate cross-border payments. Critics have worried it could have unintended consequences, including complicating energy payments to Russia and leaving European banks exposed to money owed to them by Russian financial firms. There have also been concerns it could encourage closer financial ties between Russia and China.”
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