https://www.reuters.com/world/europe/germany-favour-targeted-functional-swift-curbs-russia-minister-2022-02-26/ Skip to main content Skip to floating mini video Reuters home * World * Business * Legal * Markets * More Sign In Register Menu February 26, 20226:53 PM UTCLast Updated ago * Europe Germany softens stance on curbing Russian access to SWIFT Reuters * * * * * 2 minute read German Economy and Climate Minister Robert Habeck addresses a news conference in Duesseldorf, Germany, February 22, 2022. Roberto Pfeil/ Pool via REUTERS German Foreign Minister Annalena Baerbock briefs the media following a meeting of German government's crisis unit, at the foreign ministry in Berlin, Germany, February 24, 2022. Markus Schreiber/Pool via REUTERS German Economy and Climate Minister Robert Habeck addresses a news conference in Duesseldorf, Germany, February 22, 2022. Roberto Pfeil/ Pool via REUTERS 1/2 German Foreign Minister Annalena Baerbock briefs the media following a meeting of German government's crisis unit, at the foreign ministry in Berlin, Germany, February 24, 2022. Markus Schreiber/Pool via REUTERS Read More Register now for FREE unlimited access to Reuters.com Register BERLIN, Feb 26 (Reuters) - Germany changed its position on Saturday about imposing restrictions on Russia's access to the SWIFT global interbank payment system, joining other Western powers in support of harsher sanctions aimed at halting Russia's invasion of Ukraine. "We are urgently working on how to limit the collateral damage of decoupling from SWIFT in such a way that it affects the right people. What we need is a targeted and functional restriction of SWIFT," Germany's Foreign Minister Annalena Baerbock and Economy Minister Robert Habeck said in a statement. loading Germany, which has the EU's biggest trade flows with Russia, had been reluctant to get on board with cutting off Russia from the world's main international payments network, saying it must first weigh the economic consequences of such move. Register now for FREE unlimited access to Reuters.com Register Berlin's change of heart comes as Russian forces continued to pound Kyiv and other cities with artillery and cruise missiles on day three of a campaign that has sent hundreds of thousands of Ukrainians fleeing west toward the European Union, clogging major highways and railway lines. read more The move would hit Russian trade and make it harder for Russian companies to do business. SWIFT is a secure messaging system that facilitates rapid cross-border payments and is the principal mechanism for financing international trade. Earlier on Saturday, Italy, the other European Union member that had voiced reservations over taking such a step, said it would support Russia's disconnection from the payment system. Greece also joined the EU line on SWIFT and Hungarian Prime Minister Viktor Orban said his government would not block any planned EU sanctions. "This is the time to be united, it's a war," Orban said. read more The European Union's foreign policy chief Josep Borrell said a decision on SWIFT could happen in the "coming days". read more Register now for FREE unlimited access to Reuters.com Register Reporting by Andreas Rinke; Writing by Riham Alkousaa; Editing by Maria Sheahan and David Clarke Our Standards: The Thomson Reuters Trust Principles. More from Reuters Reuters Business Sign up to our business newsletter for a daily digest of breaking business news. 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