Wednesday, March 22

Germany in favor of ‘targeted and functional’ SWIFT curbs on Russia – minister

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BERLIN — Germany is in favor of imposing “targeted and functional” restrictions on Russia from the SWIFT global interbank payment system, its foreign and economy ministers said on Saturday.

“We are urgently working on how to limit the collateral damage of decoupling from SWIFT in such a way that it affects the right people. What we need is a targeted and functional restriction of SWIFT,” Foreign Minister Annalena Baerbock and Economy Minister Robert Habeck said in a joint statement. (Reporting by Andreas Rinke; Writing by Riham Alkousaa; Editing by David Clarke)