The US and EU are also placing sanctions on the Russian central bank. Experts quoted by the Financial Times seem to believe that this is more impactful than the SWIFT disconnect:
’Josh Lipsky, a former IMF adviser now at the Atlantic Council think-tank, said earlier the US imposing sanctions on the Russian central bank would be an “extraordinarily significant and damaging move to the Russian economy”.
’“A G20 central bank has never been sanctioned before. This is not Iran. This is not Venezuela. So to shut off their central bank from the international financial system, or at least the dollar and euro economy, is a massively destabilising move potentially,” said Lipsky.
’Edward Fishman, a former US official now at the Center for a New American Security, said it would present a “devastating blow” to the Russian economy that would eclipse the significance of a ban on Swift.’
’Josh Lipsky, a former IMF adviser now at the Atlantic Council think-tank, said earlier the US imposing sanctions on the Russian central bank would be an “extraordinarily significant and damaging move to the Russian economy”.
’“A G20 central bank has never been sanctioned before. This is not Iran. This is not Venezuela. So to shut off their central bank from the international financial system, or at least the dollar and euro economy, is a massively destabilising move potentially,” said Lipsky.
’Edward Fishman, a former US official now at the Center for a New American Security, said it would present a “devastating blow” to the Russian economy that would eclipse the significance of a ban on Swift.’