Arms to Ukraine and tightened economic sanctions for Russia. In the foreground, the exclusion from the Swift system for bank transfers. Europe lifts the weight of its response to Russia's invasion of Ukraine and on Sunday afternoon, around 18 pm, the Council of EU Foreign Ministers is convened to fix the new provisions. Meanwhile, Joe Biden confirms his line: “Punitive sanctions on Russia o Third World war“, according to the US president, there are no alternatives.
War in Ukraine, Europe sends weapons to Kiev
Ukraine needs funding lines and weapons. And the West is responding in both directions. The United States has allocated 350 million dollars for military aid and 250 for other civilian equipment, out of a billion offered overall.
In Europe the answer is multifaceted. Italy, starting today, it is strengthening the military presence in Romania, doubling the number of Eurofighter aircraft, which will now be 8. Furthermore, as announced Mario Draghi in Parliament, makes available another "1.400 men and women of the Army, Navy and Air Force, and with a further 2.000 soldiers available". We also currently have about 240 men deployed in Latvia.
Germany, breaking its historic anti-war line, ordered the transfer of 1.000 anti-tank rocket launchers and 500 Stinger surface-to-air missiles. An important decision that significantly affects European military assistance to Ukraine, as much of the continent's weapons and munitions are at least partly German-made.
Also France is ready to send military equipment and fuel. The Belgium it will send 2 machine guns and almost 4 tons of fuel to the Ukrainian forces, as well as boosting the NATO force in Romania with 300 soldiers.
The Czech Republic announced an $8,6 million package. Includes ammunition, sniper rifles, machine guns, optical systems. Equipment following 1.200 artillery shells given in January. There Slovakia it will in turn deliver 12 thousand, together with tons of fuel. L'Holland has foreseen, for now, the sending of 200 Stinger (anti-aircraft) missiles. The UK confirmed new shipments.
War in Ukraine, Europe tightens sanctions on Russia
In addition to the 45 million already allocated, Europe is preparing a further package of 330 million in financial aid for Ukraine. They will be intended to support the populations affected by the ongoing war but also to strengthen Ukraine in its response to cyber threats, the restoration of critical infrastructures, health.
The burden of financial sanctions against Moscow also rises. The announcement came at 23 pm from EU President Ursula von der Leyen after coordination with Joe Biden, Emmanuel Macron, Olaf Scholz, Mario Draghi, Justin Trudeau and Boris Johnson. In concrete terms: the EU, the United States, Canada and the United Kingdom are moving together to paralyze – said von der Leyen – Russia's ability to finance its war on Ukraine.
Selected Russian banks out of Swift
With what measures? Featured Russia's exclusion from the Swift international payment system, acronym for Society for Worldwide Interbank Financial Telecommunication. The allies undertake - in a joint note - to ensure that "selected Russian banks are removed from Swift. This will ensure that these banks are disconnected from the international financial system."
Swift is nothing but a secure messaging system which constitutes the standard for quickly closing payments for goods, services, raw materials, energy products with international bank transfers. The system has over 11.000 member companies and financial institutions, a presence in over 200 countries and a traffic of 42 million messages per day.
After some uncertainties, even Italy – which with Germany is the country most exposed to Russian gas – has given the go-ahead.
Stop the golden passports of Putin's oligarch friends
Others important points: the freezing of the assets of the central bank of Russia to freeze its transactions. This is approximately 643 billion dollars of reserves accumulated before the invasion of Ukraine and which Putin could use to stem the impact of the sanctions; the ban on Russian oligarchs from carrying out financial activities on Western financial markets. “We are committed – continues the joint note – to take measures that limit the so-called golden passports, which allow rich Russians linked” to Moscow to “become citizens of our countries and gain access to our financial systems”.
To face the emergency, Italy is preparing to reduce gas consumption through theincrease in coal for the production of electricity while the EU Commission is studying an emergency instrument to provide loans to member states to mitigate the swings in gas prices. These would be common bonds on the Sure model, the mechanism used during the pandemic to finance anti-unemployment interventions such as social safety nets.
