Restricting Russia’s access to the international interbank SWIFT system will have an effect compared to the “atomic bomb” for the money market. This opinion was expressed by the future leader of the German Christian Democratic Union (XDS) Friedrich Merz, reports TASS.
Politician stated that such a decision would damage not only Russia, but also in Germany as a large export power. “I foresee a massive economic downturn and for our economies if something like this will happen,” he concluded. Merz predes, that the disconnection of Moscow from SWIFT will undermine the basis of this international payment system.
Earlier, the head of the Eastern Committee of the German Economy Oliver Hermes said that Moscow’s disconnection from SWIFT will create significant problems for the economy of Western states. He also noted that if Russia is disconnected from the international payment system, then Moscow will strengthen its economic ties with Beijing.
SWIFT is an international organization that controls the largest interbank information exchange system. The service allows banks from around the world quickly and safely translate money to each other. The Kremlin called US plans to disconnect the Russian Federation from SWIFT information hysteria. Some Western countries also consider the problematic implementation of such a measure.