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ECB's de Guindos says EU sanctions will hit Russian economy

ECB's de Guindos says EU sanctions will hit Russian economy
ECB's de Guindos says EU sanctions will hit Russian economy   -   Copyright  Thomson Reuters 2022
By Reuters

MADRID – The sanctions from the European Union and other global measures such as freezing Russian Central Bank’s reserves and blocking Russian banks from the SWIFT international payment system will have a negative impact on the Russian economy, ECB‘s Vice-President Luis de Guindos said on Wednesday.

“It is going to have a notable impact, fundamentally the freezing of the assets of the Russian central bank, that is a practically unprecedented measure and then the disconnection of the SWIFT system (…) will also be important,” De Guindos said during a financial event in Spain.

De Guindos also said that other sanctions such as commercial limitations, the limitations of airspace and the freezing of the assets of the Russian oligarchs would also weigh on the Russian economy.

On Saturday, the U.S., Britain, the European Union and Canada announced new sanctions on Russia – including blocking certain lenders’ access to SWIFT.