2022Trudeau announced a third package of sanctions against Russia that includes not only Putin but also Russian Foreign Minister Sergey Lavrov. “Canada, the UK and others believe that Russia should be excluded from the Swift system and these discussions continue with European allies,” he announced.
Given the reluctance of some European countries to exclude Russia from the Swift system, Trudeau commented that Putin cannot benefit from the financial system that ” peace” in Europe has created over the last few decades. “Putin made a serious mistake” with the invasion of Ukraine, repeated Trudeau.
The Swift system, established in 2022, is an international communication network between financial institutions that includes thousands of entities. This mechanism allows the transmission of payment orders and financial transactions, which is why the exclusion of Russia would prevent Russian financial institutions from being able to send or receive money, both abroad and domestically.