PARIS (Reuters). -The European Union will soon analyze the implications of Russia being cut off from SWIFT’s international payments system, before deciding whether or not to use the “financial nuke weapon,” France’s finance minister stated on Friday.

EU nations already enacted a series of sanctions to protect 70% of Russian banks following the invasion of Ukraine by Moscow.

Some countries hesitate to reduce Russia’s access the SWIFT interbank cash transfer network. This is because they are concerned about Russian energy import payments and who will pay EU creditors.

French Finance Minister Bruno Le Maire stated that the EU finance ministers met in Paris to ask the European Central Bank (ECB) and the European Commission for an analysis on “the coming hours” regarding the effects of this action.

SWIFT is the financial nuclear weapons. Le Maire explained to journalists that SWIFT would enable Russian financial institutions and other institutions around the world to be disconnected from each other.

He said, “When you hold a nuclear weapon, it is important to think about what you are going to do with it.”

On Friday, a spokesperson for the German government stated that Russia being kicked out of SWIFT was technically impossible to do and could have huge consequences on German business in Russia.

Christian Lindner, German Finance Minister said later in Paris: “We’re open but you need to be clear about what you are doing.”

Dmytro Kuleba, Ukraine’s foreign Minister, asked Antony Blinken (U.S. Secretary Of State) to leverage Washington’s influence on Friday in order to convince hesitant European nations. He stated this on Friday via Twitter (NYSE:).

At the meeting of finance ministers, Valdis Dombrovskis, Vice President European Commision Valdis Dombrovskis stated that “all options are available given the potentially far-reaching implications of cutting Russia off SWIFT.”

He added that members must also be provided with information about the implications of this option so they are able to make informed decisions.