Cabinet meets to discuss Ukraine crisis

01 March, 2022

Courtesy of ICRT


The cabinet has held an extraordinary meeting to discuss the possible economic impact of the Russia-Ukraine crisis on Taiwan.


The meeting comes after the government announced that Taiwan joined a western bloc of nations which are imposing sanctions on Moscow.


Cabinet spokesperson Luo Bing-cheng says some of the issues discussed at the special meeting included the decision by the U-S and European Union to cut off a number of Russian banks from the SWIFT interbank payment system.


Luo says although the exclusion of Russia is limited to only certain banks, some Taiwanese companies may be affected, as they will be unable to conduct transactions with that country.


Luo says if local businesses suffer any resulting losses, they will be offered government assistance.


However, neither Luo nor any other Cabinet officials have so far elaborated on what that assistance could be.


The government says that the volume of bilateral trade between Taiwan and Russia is minimal.

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