PARIS (Reuters), -FRANCE’S Finance Minister Bruno Le Maire stated Friday that Russia could be cut off from SWIFT, the global interbank payment system. However, he said that he views this as a last resort.

As part of the toughened sanctions against Russia’s invasion of Ukraine, the United States and European Union chose not to block Russia from SWIFT. They could revisit this issue however, U.S. President Joe Biden stated on Thursday.

Le Maire spoke in English to reporters in advance of meeting with euro-zone counterparts in Paris.

Christian Lindner, Germany’s finance minister, stated that all options were available in the lead-up to the meeting.

“The Russian government has placed the first sanctions on Russia, and these will harm their people as well as block Russia’s economic growth seriously,” he stated.

It is likely that the finance ministers will discuss the possible consequences and sanctions that could be placed on the European economic system. According to Economists, it could increase inflationary pressures or slow economic growth.

The European Central Bank’s policymakers also met in Paris Thursday. Christine Lagarde, President of the ECB will hold a press conference on Friday.

As part of the EU’s foreign policy chief Josep Borell described it as “the most severe package of sanctions” ever, Thursday saw Russia’s assets being frozen in the EU and its banks denied access to European financial market.

Russia will be also hit by sanctions in the transport, energy and transportation sectors. The sanctions are designed to restrict Russia’s trade and manufacture through export controls.

Britain reiterated Friday its demand to exclude Russia from SWIFT. A number of capitals are hesitant to expel Russia from SWIFT because it will hit Russian banks very hard but it will make it difficult for creditors to recover their funds.

Other observers have suggested that it might complicate Russia’s payments for countries who import its energy.