Samson: A banking expert reveals the consequences of the decision to remove Russia from the Swift Global Banking System
27th February, 2022
Banking expert Ahmed Al-Hashemi revealed, today, Saturday, the consequences of the decision to remove Russia from the SWIFT global banking system, pointing out that the decision was made by the European Commission and with efforts by the German government.
Al-Hashemi said in a statement to the “National News Center”, that “the SWIFT system is a global financial system that allows a smooth and rapid transfer of money across borders,” noting that “the system links 11,000 banks and institutions in more than 200 countries.”
He added that “as a result of this decision, it will be difficult for Russia to make transfers to and from its banks,” stressing that “banning Russia from dealing through the Swift system, which is used by thousands of banks, will affect the network of Russian banks and Russia’s ability to access money.”
Al-Hashemi indicated that “these sanctions will affect the economies of some countries and their companies, for example, the purchase of gas and oil from Russia will be affected,” explaining that “many European banks have branches or subsidiaries in Russia, most notably the French Societe Generale and the Italian Unicredit. and Austria’s Revation Bank International.
Regarding the volume of exchange between Moscow and all Arab countries, Al-Hashemi said that it “does not exceed 18 billion dollars, while the volume of Russian investments does not exceed 50 billion dollars, in contrast, Arab investments in Russia do not exceed 6 billion dollars,” noting that “the last deal Huge armaments between Iraq and Russia were worth nearly $4 billion, according to sources published a few days ago.
He concluded, “Both Iraq and Russia will need to discuss other ways of financing in the event of imposing financial isolation on Moscow, and there are a very large number of Russian oil companies operating in Iraq.” LINK