London Daily

Focus on the big picture.
Tuesday, Nov 03, 2026

West abandons Russia SWIFT plans – Ukraine

West abandons Russia SWIFT plans – Ukraine

Kiev’s top diplomat calls the sanctions package considered by the US and EU a ‘powerful economic bomb’

Delisting Russia from the SWIFT international payment system is not being considered by the US and EU for their sanctions package tied to an allegedly looming ‘invasion’ of Ukraine, Ukrainian Foreign Minister Dmitry Kuleba has revealed.

Abandoning plans to delist Russia from SWIFT was made under the pressure of certain EU member countries, the foreign minister revealed as he spoke with local 1+1 TV late Saturday. He did not specify which countries opposed the potential measure.

“This is the result of internal processes in the European Union, as some countries, let’s say, were not ready to give up their own interests in connection with the potential delisting [of Russia] from SWIFT,” Kuleba stated.

"But let’s be clear, if this package included SWIFT, it would be an atomic bomb. But even without SWIFT in it, this package remains a very powerful bomb of economic pressure on Russia."


The sanctions would only be implemented if Russia actually attacks Ukraine, with US National Security Advisor Jake Sullivan confirming Friday that Washington has no plans to slap them on Moscow preemptively.

Over the past few months, senior Western officials and media have repeatedly warned of an allegedly looming ‘invasion’ of Ukraine by Russia, yet no actual evidence to back up the claims has ever emerged. Moscow has consistently denied the accusations, maintaining it has no plans to attack Kiev or anybody else.

Kuleba’s remarks confirmed an earlier report by Reuters that cited unnamed EU and US officials and suggested that the sanctions package would target major Russian banks, but would not include banning Russia from the SWIFT system. The banking system handles global financial transfers and is used by more than 11,000 financial institutions in over 200 countries.

“The goal is to design sanctions that would really hit the Russians while keeping an eye on the collateral damage to those imposing them, recognizing that sanctions would clearly hit Europe harder,” one of the sources told Reuters on Friday.

The measure was opposed by European lenders, who expressed concerns that kicking Moscow off the system would mean that outstanding loans they have in Russia would not be repaid. Multiple major European banks, including UniCredit, RBI, France’s Societe Generale, and ING of the Netherlands, have significant exposure in Russia, according to research by JPMorgan, with the institutions risking to lose billions of dollars should a SWIFT ban be implemented.

Newsletter

Related Articles

0:00
0:00
Close
House of Lords Advances Representation of the People Bill to Modernize Electoral Law Ahead of General Election
Financial Markets and Private Equity Assess Tax and Corporate Realignment Following Recent Chancellor Budget Adjustments
Justice Committee Warns Legal Aid Is a Service in Managed Decline Due to Inadequate Government Funding Responses
Royal Navy Intercepts Russian Intelligence Vessel and Warships Across Intensive North Sea Operations
Business and Trade Committee Slams Government Policy on China as Fragmented and Lacking Strategic Direction
Home Secretary Shabana Mahmood Softens Immigration Plans Following Intensive Cabinet Backlash Over Settlement Timelines
Automotive Industry Data Reveals Continued Acceleration in Battery Electric Vehicle Registrations Across British Dealerships
High Court of England and Wales Rules on Landmark Legal Challenge Regarding Local Government Housing Mandates
Department for Energy Security and Net Zero Approves Expanded Offshore Wind Infrastructure Along Scottish Coastline
Competition and Markets Authority Launches Broad Investigation Into Artificial Intelligence Infrastructure and Cloud Partnerships
United Kingdom and European Union Launch High-Level Preparations for Bilateral Defense and Security Summit in Brussels
National Health Service England Unveils Emergency Workforce Reforms to Alleviate Winter Accident and Emergency Pressures
Chancellor Rachel Reeves Finalizes Autumn Budget Adjustments to Meet Fiscal Rules and Fund Public Services
Bank of England Prepares for Interest Rate Decision Amid Rising Bond Yields and Inflationary Pressures
House of Lords Begins Detailed Legislative Scrutiny of Representation of the People Bill and Cyber Security Laws
Metropolitan Police Detain More Than Three Hundred Individuals Following Large-Scale Demonstration Outside London Embassy
Home Office Prepares Stricter Residency Rules Requiring Vulnerable Migrants to Wait Decade for Settlement Rights
Professional Mental Health Bodies Demand Statutory Regulation for Counsellors and Psychotherapists
National Grid Confirms Construction of Britain's Largest Electrical Substation to Power Teesside Data Centre
Prime Minister Keir Starmer Travels to Samoa for Commonwealth Summit Amid Debates on Economic Cooperation and Reparations
Home Office Implements Enhanced Digital Border Controls and Visa Processing Systems at Major Airports
Office for National Statistics Reports Stable Employment Participation Rates Across Regional Labor Markets
Department for Business and Trade Announces Strategic Partnership to Secure Critical Mineral Supply Chains
Scottish Government Unveils Regional Economic Development Strategy to Boost Advanced Manufacturing in Glasgow and Dundee
Treasury Officials Review Taxation Frameworks and Capital Gains Rules Ahead of Autumn Budget Disclosures
National Health Service Leaders Warn of Winter Capacity Pressures Across Acute Care Facilities
Bank of England Prepares for Key Interest Rate Decision Amid Sticky Inflation and Fiscal Policy Pressures
Home Office Expands Border Security Operations and Intelligence Sharing With European Partners
Office for National Statistics Reports Modest Retail Sales Growth Ahead of Crucial Christmas Trading Season
Welsh Government Unveils Strategic Plan to Boost Regional Technology Innovation and Digital Skills Training
Department for Environment Food and Rural Affairs Implements New Agricultural Subsidies Framework for English Farmers
Scottish First Minister John Swinney Announces Major Regional Infrastructure and Green Energy Investment Strategy
National Health Service Leaders Warn of Severe Winter Pressures and Mounting Accident and Emergency Backlogs
Bank of England Monetary Policy Committee Signals Cautious Interest Rate Path Amid Persistent Services Inflation
Chancellor of the Exchequer Rachel Reeves Finalizes Autumn Budget Framework Aiming to Close Public Sector Fiscal Gap
Department for Science, Innovation and Technology Prepares Enhanced Artificial Intelligence Safety and Cyber Defense Frameworks
United Kingdom Government Expands International Sanctions Framework Against Russian Shadow Fleet and Financial Enablers
Institute of Directors Reports Sharp Post-Budget Drop in Business Confidence Despite Long-Term Investment Intention Shifts
Chancellor John Healey Defends Sweeping Fiscal Adjustments and Household Support Packages Following Autumn Budget
Parliamentary Petitions Committee Schedules Major Legislative Debates on Special Educational Needs and Non-Stun Meat Labelling
Regional Devolution and Good Growth Fund Frameworks Reshape Local Government Funding Across English Regions
Loughborough University Economic Analysts Highlight Substantial Uncertainty Surrounding Public Sector Efficiency Savings
British Legal Sector Drives Sixty Billion Pounds in Annual Economic Output While Employing Over Half a Million Professionals
Law Society Welcomes New Better Regulation Executive While Pressing for Long-Term Legal Aid Funding Reform
Metropolitan Police and Security Services Heighten Operations Across London Ahead of Large-Scale Public Demonstrations
Bank of England Economists Scrutinize Corporate Tax Adjustments and Public Sector Borrowing Pressures
Chancellor John Healey Defends Autumn Budget Tax and Spending Allocations Following Intense Parliamentary Scrutiny
Department for Environment, Food and Rural Affairs Implements Strict Water Quality Monitoring Rules Following Severe Rainfall and Flooding
Welsh Government Unveils Comprehensive Regional Housing Strategy to Address Rural Affordability and Homelessness Pressures in Cardiff
Office for National Statistics Reports Slowing Consumer Price Inflation and Steady Retail Performance Across United Kingdom Markets
×