Russia's SWIFT Ban: EU Should Think Twice as It's About to Shoot Itself in Foot, Journo Warns

"The European Commission is seeking to block seven Russian banks from SWIFT with the
nation's largest Sberbank and Gazprombank being left off the draft list, writes Bloomberg. The absence of the two banks from the proposal shows the EU is concerned about the consequences of isolating Russia, according to the media outlet.

"Europe buys energy, grain and minerals from Russia. These three commodity articles are not the kind that can be easily found as an alternative. Trade with Russia is today an indispensable element of the economic foundation on which the West relies. SWIFT is a system of international payments. Disconnecting Russia from the SWIFT system will mean the actual cessation of trade," says Recep Ercin, an economic commentator and journalist." Sputnik