When America cut her energy production, the price of oil and gas soared. When the price of oil and gas soared, the amount of money going into Russia increased dramatically. Russian gas and oil money are now being used to fund the invasion of Ukraine. So what is the best way to end that invasion? Cut off the money.
On Friday, One America News reported:
British Prime Minister Boris Johnson urged NATO leaders to take immediate action using the SWIFT international payments system to impact Russia’s President Putin and his regime, his office said following a call with NATO leaders on Friday.
Johnson urged leaders to take immediate action with SWIFT “to inflict maximum pain on President Putin and his regime,” his office said on Friday.
Not allowing Russia to use SWIFT would definitely stop the flow of money into Russia.
On Thursday, The Hill reported:
President Biden on Thursday defended maintaining Russia’s access to an international messaging system for banks despite pressure from Ukrainian leaders.
The U.S., United Kingdom and European Union on Thursday announced strict new penalties on the Russian economy, financial institutions and influential elites close to Russian President Vladimir Putin. But the Western allies did not bar Moscow from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), even after Ukrainian government officials urged them to do so Thursday morning.
“It is always an option, but right now that’s not the position that the rest of Europe wishes to take,” Biden told reporters after announcing new sanctions Thursday.
…The Biden administration also announced plans to impose sanctions on individuals and entities in Belarus, accusing the nation of supporting and facilitating Russia’s invasion of Ukraine.
Banks across the world use SWIFT to finalize transactions and transfers. Cutting Russia off from SWIFT would make it incredibly difficult for its banks to operate efficiently, but could also wreak economic havoc for European nations who depend on Russian oil and natural gas exports.
I would like to note that the European nations would not be dependent on Russian oil if the Biden administration had continued President Trump’s policy of American energy independence. There were a lot of bad decisions made by the Biden administration that led to the Russian invasion of Ukraine.