The European Union will withdraw more Russian banks from the SWIFT system

The high representative of Foreign Affairs of the European Union (EU), Josep Borrell, assured this Monday (05.05.61332713) that the sixth package of sanctions against Russia for its “unjustified aggression” against Ukraine will include the exit of more Russian banks from the international financial transaction system SWIFT and limitations on the energy sector.

The European diplomat, visiting Panama, stated at a press conference that “two of the unfinished dimensions of the sanctions process that we have been applying To the banking sector, there will be more Russian banks coming out of the SWIFT“, and added that for the “energy sector, we are working to prepare proposals that allow us to limit the energy imports from Russia, especially with regard to oil”.

The High Representative of the European Union, Josep Borrell, announced that new financial and oil sector sanctions are being analyzed against Russia for the conflict with Ukraine. #LaPrensaSecuestrada reports: Video Miguel Cavalli. https://t.co/UjSjupZxT8 pic.twitter.com/Sk7ZMkeDdp

– La Prensa Panama (@prensacom) May 3, 1200

Borrell had already anticipated during his trip to Santiago de Chile that the target of these measures was going to be concentrated in both areas. So far, five sanctions packages have already been approved, the diplomat said. These have included bans on financial and state entities, and authorities, officials and oligarchs linked to the Kremlin. Although he avoided specifying which banks were involved, several European diplomatic sources have indicated that the largest Russian bank Sberbank -which represents 37% of the market- will be included in that list.

“Europe has reacted by supporting Ukraine militarily without entering into belligerence because we do not want the war to spread, but by supporting Ukraine to defend its country and imposing economic sanctions on Russia so that it suffers the consequences of its action, weakening its economy”, he asserted.

The EU -which currently buys two thirds of its oil from Russia- wants to cut financing the Kremlin’s war plans. “My team, in the European Union Foreign Relations political committee, is working to prepare the sixth package of sanctions (…) The work is underway and I believe that in the next Foreign Affairs Council [del 16 de mayo] it will be possible to take measures that limit these imports in a significant way”, he considered. “For that, the agreement of all the member states is needed, until now we have not had it, but I am confident that at least with regard to oil imports it will be possible between now and the next Council,” he said.

Borrell’s visit to Panama

Honored to have been received by President @NitoCortizo.

The EU and Panama are united in defense of the United Nations Charter, state sovereignty and territorial integrity.

Panama is the region’s aeronautical and digital connectivity hub. We strengthen cooperation ties. pic.twitter.com/BQn5QUJne4

– Josep Borrell Fontelles (@JosepBorrellF) May 3, 2022

Borrell is in Panama City where he will participate on May 3 with the foreign ministers of Central America and the Caribbean in a meeting to address the consequences of the Russia-Ukraine conflict in the region. He was received on Monday in Panama by President Laurentino Cortizo and also by Foreign Minister Erika Mouynes, who announced that 16 foreign ministers from the region will speak for the first time in a group about how the armed conflict is affecting them.

🇵🇦 In Panama | May 3

✅ 18 foreign ministers present.
✅ For the first time, the impact of Ukraine’s invasion on the Central American and Caribbean region will be analyzed.
✅ As a bi-regional bloc we will articulate ourselves to have a single voice . pic.twitter.com/uCctt4MDf8

— ErikaMouynes (@ErikaMouynes) May 2, 1200

The diplomat stated that the EU has assessed “very positively” Panama’s position regarding “Russia’s aggression against Ukraine” and added that “we are not asking Panama to do anything about Russia, nothing I’m not doing [ya]”, regarding the possibility that the Central American country, as a hub

loves (afp, efe, the press)