A totally united Western front, unprecedented economic sanctions: while the Russian army ravages Ukraine, the United States, the European Union (EU) and the United Kingdom announced late on Saturday evening February 26, new, historic measures to punish Russia and dissuade – without much hope – Vladimir Putin from continuing his deadly military enterprise.
“Russia has become a global economic and financial pariah”, said a senior American official, in a press briefing. While the operational details of these measures will only be clarified in the coming days, the press release cites two decisions with serious consequences, on a political and economic level: the desire to cut off a certain number of Russian banking institutions from the Swift financial information system; that of paralyzing the Central Bank by depriving it of the ability to cushion the shock of Western sanctions.
The first point has been the subject of countless discussions between Americans and Europeans since November, because of the formidable side effects that an expulsion of Russia from the Swift system might have for Western economies. After the annexation of Crimea in 2014, this weapon was considered, then abandoned, for this reason. Just a few days ago, Joe Biden explained that she had been put aside for the moment, because of European reservations. The carnage unleashed by the Russian military in Ukraine lifted them, even if it is not a total disconnect.
Avoid a major market crisis
The EU must now formally adopt a directive to this effect, validated in the process by Swift’s board of directors. On Saturday, a senior American official compared the use of Swift for banks to that of Gmail for individuals, an essential messaging service. Experts are now considering how to precisely target non-essential Russian banks in energy contracts, so as not to cause a major crisis in the markets and a price explosion for Western consumers. Are concerned “all Russian banks already sanctioned by the international community, as well as other institutions if necessary”, according to a German government source.
A sharp depreciation of the ruble might cause a shock wave in society and call into question the propaganda that pours on the screens and the airwaves of the media, ardent relays of power
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