Russia bats for reconnection of Afghanistan's banks to SWIFT global payment system

On Friday, Russian Special Presidential Representative for Afghanistan Zamir Kabulov stated that Moscow seeks to have Afghanistan banks reconnected to the SWIFT global payment system. He stated that Russia is attempting to achieve this because the current scenario poses a hindrance to the United States itself, particularly the executive branch. It is unable to provide direct help to the Afghan people bypassing the Taliban because SWIFT is disabled, he said. "SWIFT must be used. Yes, some form of monitoring mechanism will be required to see where these funds go," Kabulov was quoted by Sputnik as saying.  

SWIFT is a global bank information transfer and payment system utilised by over 11,000 of the world's major companies. Following the Taliban's takeover of Kabul in mid-August, Western banks froze billions of dollars and donor accounts to prevent the Taliban-led administration from accessing these finances. Subsequently, Afghan banks were also disconnected from the SWIFT payment system. Earlier this month, the US Department of the Treasury permitted American citizens and permanent residents of the country to make private money transfers to Afghanistan, reported the news agency.

Kabulov believes that Western countries, led by the United States, should bear entire financial responsibility for the situation in Afghanistan and that humanitarian help should be Moscow's top priority. "Those who had been there for twenty years and led the country to this situation must pay the lion's share of financial responsibility," he echoed President Vladimir Putin's words. Russian Special Presidential Representative stated that the people of Afghanistan are suffering as the West froze their assets. "Russia has taken a highly moral stance as we are already assisting Afghanistan with humanitarian supplies," Kabulov remarked.

Afghan economy on brink of collapse: UN

The diplomat also warned that hundreds of thousands of Afghans may attempt to migrate to Europe this winter unless a large-scale economic and humanitarian crisis is averted. He also advocated for the return of Afghan assets so that Afghans do not have to flee the country. As per a United Nations estimation, Afghanistan is battling to support its economy which is on the brink of collapse. To add to Afghanistan's woes, organisations like the World Bank and the International Monetary Fund (IMF) have suspended the disbursement of allotments to Afghanistan since the Taliban took control of Kabul. The United States has also reportedly blocked nearly $9 billion in Afghan Central Bank accounts.

Image: AP