Media: EU unwavering on SWIFT sanctions amid Russia's bargaining tactics

The European Union has reaffirmed its stance on restricting Russian banks from the SWIFT financial messaging system, despite ongoing diplomatic maneuvering by Moscow. As Russia tests the waters for potential sanctions relief, EU officials remain resolute, maintaining that any reconsideration of the economic measures hinges on a complete withdrawal of Russian forces from Ukraine.

A European Commission spokesperson underscored that lifting or amending sanctions is contingent upon "the end of the Russian unprovoked and unjustified aggression in Ukraine and unconditional withdrawal of all Russian military forces from the entire territory of Ukraine," Caliber.Az reports via Euractiv.

Moscow’s recent diplomatic efforts, including its bargaining over the Black Sea grain deal, have been interpreted as attempts to assess whether the EU’s sanctions framework could be weakened. However, Kyiv and its European allies warn that even minor concessions could gradually unravel the West’s unified response to Russia’s invasion.

Given that SWIFT is headquartered in Belgium, it falls under EU jurisdiction and must comply with its sanctions legislation. “SWIFT cannot connect Russian banks to the network unless the EU changes its sanctions' legislation,” noted Janis Kluge, a senior associate at the German Institute for International and Security Affairs. EU diplomats confirm that no discussions on altering these measures have taken place.

One EU diplomat, speaking to Euractiv, emphasised that European involvement is essential in any SWIFT-related decision. “At some point, we [Europeans] will have to be looped in,” they said. However, another diplomat reaffirmed that no shifts in policy would occur before the upcoming sanctions renewal deadline on 31 July. “Before the sanctions roll-over [in July], nothing changes, and we’ll work on nothing to be changed because Russia itself hasn’t changed nor have its goals,” they stated.

The EU's economic measures against Russia require unanimous renewal every six months, and officials are closely monitoring any potential divisions between the United States and Europe regarding sanction strategies. While the Trump administration may be open to rolling back certain sanctions to facilitate a broader deal, European leaders appear steadfast in their approach, ensuring that financial restrictions remain a key pressure point against Moscow.

By Vugar Khalilov