EUROPEAN UNION: ‘ Will NOT Cut Russia OFF from SWIFT Inter-Bank Transactions ‘

#AceFinanceNews – EUROPEAN UNION – September 19 – The European Union will not cut Russia off the SWIFT inter-bank financial system, Andrei Kostin, the chief executive officer VTB Group, Russia’s second largest bank, said on Friday.

EU Seeks to Ban Russia from Using SWIFT '

EU Seeks to Ban Russia from Using SWIFT ‘

“I think this is not going to happen. I would have called it an act of direct aggression against Russia’s financial system with all subsequent consequences. This is a very tough measure,” Kostin said at an international investment forum in Sochi.

What can blocking SWIFT lead to?

The Society for Worldwide Interbank Financial Telecommunications (SWIFT) transmits 1.8 billion communications a year, remitting payment orders worth $6 trillion a day.

The system comprises over 10,000 financial organizations from 210 countries.

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