ECB’s De Guindos says EU sanctions will hit Russian economy

European Central Bank (ECB) Vice-President Luis de Guindos makes a statement during the second day of the informal meeting of EU economy and finance ministers in Berlin, Germany, on 12 September 2020. Odd Andersen/Pool via REUTERS

MADRID, March 2 (Reuters) – European Union sanctions and other global measures such as the freezing of Russian Central Bank reserves and the blocking of Russian banks from the international payment system SWIFT will have a negative impact on the Russian economy, said ECB Vice President Luis de Guindos said on Wednesday.

“It’s going to have a noticeable impact, basically the freezing of the assets of the Russian central bank, it’s a practically unprecedented measure, and then the disconnection of the SWIFT system (…) will also be significant,” De Guindos said. at a financial event in Spain.

De Guindos also said that other sanctions such as trade restrictions, airspace limitations and asset freezes of Russian oligarchs would also weigh on the Russian economy.

On Saturday, the United States, Britain, the European Union and Canada announced new sanctions against Russia, including blocking certain lenders’ access to SWIFT. Read more

Reporting by Emma Pinedo and Jesus Aguado; edited by Inti Landauro

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