SWIFT: ‘ No Authority to Cut Russia or Israel From the International Global Payment System ‘

#AceBreakingNews – October 06  – SWIFT will resist barring Russian and Israeli banks from the global payments system, as it has ‘no authority’ to make unilateral sanctions decisions, the Belgium-based group said Monday.

“As a utility with a systemic global character, it has no authority to make sanctions decisions,” the statement said, stressing that the group is a ‘’neutral global cooperative company” in a statement released on Monday

“SWIFT services are designed to facilitate its customers’ compliance with sanctions and other regulations, however SWIFT will not make unilateral decisions to disconnect institutions from its network as a result of political pressure,” the communique said.

The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is currently one of Russia’s main connections to the international banking system, and if turned off, could hurt Russia’s economy, in the short-term.

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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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