Head of the Eastern Committee of the German Economy Oliver Hermes in a conversation with Wirtschaftswoche rated the consequences of turning off Russia from SWIFT for the West.
According to him, it will create significant problems for the economy of Western states. “Russia is much more integrated into the global economy much stronger than, for example, Iran. Therefore, its disconnection from SWIFT will create significant problems in the market,” he said.
Hermes added that if Russia is disconnected from the international payment system, then Moscow will strengthen its economic sanctions with Beijing. He believes that as a result of such a development of events, the West “will not receive any win.”
Specialist stressed that the special economic damage will suffer financial organizations that work with Russia. “Western banks and credit institutions will lose billions, and current business contacts will be so complicated that many transactions will lose meaning,” he said.