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EU reportedly has 40% of it gas imports from Russia. However, the European Commission President has already stated that EU is prepared for partial disruption of
by mhitza 5y ago
EU reportedly has 40% of it gas imports from Russia. However, the European Commission President has already stated that EU is prepared for partial disruption of gas flow https://www.reuters.com/world/europe/eu-says-it-is-prepared-partial-disruption-russian-gas-flows-2022-02-15/ https://www.reuters.com/world/europe/eu-says-it-is-prepared-...
Solidarity towards Ukraine by EU, would be to step up and proceed with blocking Russia from the SWIFT system.
The thing is, such a decision would impact EU citizens negatively in the short-medium term. And I think that level of solidarity is a hard sell, and hard to quickly measure support for, within each country's electorate.
The other issue, for Germany, is that removing them from SWIFT would be like clearing Russia's billions of debt obligations.
If there was any moment for EU to swallow a hard pill, would be now, and cut of gas import, rather than try to get consensus on blocking SWIFT access. It's the perfect time to apply that form of economical pressure, especially now that we're having a bit of early spring weather (though uncertain how long that will last).
Not sure about Cyprus, and others opposing the measure, what negative implications it would have for them and why they decided the way they did.