In its latest research paper published on Friday, Germany’s largest lender warned that excluding Russia from the Swift international payments system would pose an economic “danger”. The report said that the move could “precipitate the expansion of rival messaging networks and payment methods that circumvent sanctions”.
The report’s author, Marion Laboure, said: “In the long run a danger may lurk – countries displeased with Western allies flexing their financial hegemony may club together to set up a rival system with infrastructure they can control.”
The report comes just days after Germany was accused of resisting efforts to lock Russia’s largest bank out of the system.
A spokesman for Deutsche Bank told The Telegraph: “We support the decisions of the German government and its allies and will promptly and fully implement the sanctions and other measures imposed.
“Within this framework, we continue to support our clients globally, including with respect to their Russia and Russia-related activities.
“Most of our clients with Russian operations or requirements are European or multinational corporates who are currently adapting their business activities in the country.”
The bank had earlier tweeted a link to the independent research report, writing that “banning Russia from Swift will complicate trade & amplify jitters”, before later deleting it.
Swift is the world’s main payment clearing system which underpins most international transactions and is crucial for global trade.
On Friday, the bank announced that it is planning to shut down its business in Russia.
Dozens of companies in industries from airlines to retailers, media to hospitality have pulled out of Russia since its invasion of Ukraine.
Deutsche Bank said it has “substantially reduced” its Russian exposure since 2014.
In early 2017, Deutsche Bank was hit with more than $600 million in penalties over a $10 billion Russian money-laundering scheme that involved its New York, Moscow and London branches.