Russia's cut-off from SWIFT getting closer
18:45
Cyprus will not block Russia's cut-off from the SWIFT interbank clearing system. Italy also declares its full support for this "nuclear" sanction. And representatives of the Hungarian government are calling the information about the blocking of sanctions by this country a lie.
Among others, cutting off Russia from the system would make it impossible for this country to settle transactions in foreign currencies.
Italy, Germany, Hungary, and Cyprus were opposed. But already on Friday, the first two countries eased their position: Christian Lindner, the German finance minister, said he was "open" to such a solution. Italian Prime Minister Mario Draghi declared his full support for the postulate to cut off Russia from SWIFT.
Dmytro Kuleba, Ukraine's foreign minister, announced on Saturday that Cyprus has also changed its position.
"We did it. Cyprus has confirmed it will not block the decision to ban Russia from using SWIFT," Dmytro Kuleba said on Saturday.
Cyprus's decision is important because many prominent Russian citizens keep their assets in the banking system there. Cyprus is also seen as a tax haven for Russian business.
